Analysis of Business Fasibility in Expansion Baby Shop Retail Companies Using the Capital Budgeting Method
(Case Study at PT. Willow Mandiri Internusa)
Agnes Olivia, Reswanda, Putri Rosalina Rahmawati Departemen of Management Narotama University Surabaya
Jl. Arief Rachman Hakim No. 51, Surabaya, Indonesia
[email protected], [email protected], [email protected]
Abstract
In the era of a pandemic, all companies want to develop, one of the efforts made is investment by doing business expansion. Business feasibility analysis is a comprehensive assessment to assess whether the project is feasible to implement. The purpose of this study was to determine the feasibility of the business at PT. Willow Mandiri Internusa (Willow Baby & Kids) based on financial aspects using capital budgeting techniques and non-financial aspects that have been implemented. This research uses a qualitative case study method. The results of the study show that from the non-financial aspect based on observations and interviews with business owners, it shows that the company has met the eligibility criteria to expand its business from the financial aspect, showing the realization of a payback period of 3.25 years, an NPV of Rp.588,798,621, an IRR of 18, 29 and Net B/C >1 based on the eligibility criteria found that the investment plan of PT. Willow Mandiri Internusa with the opening of a new Willow Baby & Kids branch is feasible.
Keywords:
Business Feasibility Analysis, Capital Budgeting, Investment
1. Introduction
The Indonesian economy is currently experiencing a fairly rapid development. This is indicated by the number of new businesses that have sprung up, ranging from small, medium to large-scale businesses. Every company in carrying out business activities must have goals, both short- and long-term goals. The short-term goal that the company wants to achieve is the achievement of profit or profit so that sustainable funds are available to be able to operate the company on a day-to-day basis. Meanwhile, the long-term goal to be achieved is to ensure the continuity of the company and future developments by means of investment.
One thing that can be done is the establishment of a new business / project. Business expansion is a decision that aims to expand market share and increase operating profit. Because business expansion is very important for business sustainability and business development, companies must first conduct a feasibility study. According to (Jumingan, 2009) The definition of a feasibility study is a comprehensive assessment to assess the success of a project, and a project feasibility study has the aim of avoiding too much investment for activities that are not profitable, and to measure whether the project is feasible to implement. Feasible in the sense that the project can provide benefits both financially and in a social sense. (Husnan, 2004) state that the aspects that must be considered in a feasibility study are market aspects, technical aspects, management aspects, financial aspects, and state economic aspects. As with PT. Willow Mandiri Internusa which has been established for 8 years. This business which was started in 2013 is a business engaged in retail which provides the needs of mothers and babies ranging who are planning to open a new Willow baby & kids branch in Central Surabaya.
However, during the Covid-19 pandemic, as it is now, it certainly has a profound impact on the world economy, including Indonesia, since the physical distancing arrangements and the initiation of PSBB (Large- Scale Social Restrictions) in various regions, the Indonesian economy declined in the first quarter of 2021, especially business players. Micro, Small and Medium Enterprises (MSME) and street vendors, only the e- commerce sector is increasingly crowded and the information and communication sector is increasing, this is natural considering that with the advice not to leave the house, many people access jobs, education and entertainment through information technology.
Therefore, at times like this PT. Willow Mandiri Internsa must really analyze the realization of this investment. Companies need to conduct a business feasibility analysis from other aspects in order to assess whether the project is feasible or not feasible to run so that it can minimize the risk of financial loss so that the implementation of these investment activities is not in vain. The company where this research is located, plans to expand its business while only analyzing the market and marketing aspects, it has not conducted an analysis of its financial or financial aspects through an analysis of investment criteria consisting of Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PP), and Net Benefit Cost Ratio (Net B/C). Therefore, this research
is expected to be a reference for companies in making decisions for developing their business and can also be used as a reference for other companies engaged in in retail which provides the needs of mothers and babies Based on the background description of the problem above, the formulation of the research problem is:
1. How are the results of the analysis of the non-financial aspects by PT. Willow Mandiri Internusa (Willow Baby & Kids) in determining the feasibility of investing for this business expansion?
2. How are the results of the business feasibility at PT. Willow Mandiri Internusa (Willow Baby & Kids) when viewed from a financial aspect through an analysis of investment criteria?
1.1. Conceptual framework and hypothesis building
This research was conducted in a company engaged in the retail baby shop PT. Willow Mandiri Internusa which plans to expand its business by building a new branch in Central Surabaya, this research was conducted to determine whether or not the business expansion is feasible or not, so first identify the characteristics of the business by assessing various aspects. Aspects that need to be studied include non-financial aspects, which include: market and marketing aspects, technical and production aspects, management and human resources aspects, legal aspects, social aspects, environmental impact aspects, and financial aspects. In this study, to determine whether it is feasible or not, it is only determined on the financial aspect. To determine it, several measurements were made with investment feasibility criteria including: NPV, IRR, PP, and Net B/C Ratio.
Figure 1. Conceptual framework and hypothesis building
2. Methods
This type of research is descriptive research, which contains a description of the company's location and business feasibility in terms of certain aspects. This research uses a qualitative case study approach, where research focuses on a particular case for analysis (Umar, 2008) by making direct observations in the field, seeking information from informants, employers and employees of PT. Willow Mandiri Internusa. It is testing where the researcher tries to conduct systematic research and in this study the researcher will analyze the business feasibility
Business Feasibility Study Analysis
Non Financial Aspects:
- Market and Marketing Aspects -Technical&Technological Aspects
- Legal Aspect
Financial Aspects:
- NPV (Net Present Value) - IRR (Internal Rate of
Return)
- BEP (Break Event Point) - PP (Payback Period) - NET B/C (Net Benefit
Cost Ratio)
Investment Appraisal
Feasible Not Feasible
Evaluation Business
PT.Willow Mandiri Internusa Expansion Project (New Branch opening Willow Baby & Kids)
2.1. Data Sources
Based on the types of data above, the data sources used in this study are primary data and secondary data:
1. Primary data
namely data obtained or collected by researchers directly from the data source, can also be referred to as original data and data that describes the situation at that time. In this study, primary data were obtained through an interview process with the owner, employees at PT. Willow Mandiri Internusa, as well as documentation techniques and direct observation in the field regarding the description of the data needed in this study.
2. Secondary data
Is data obtained or collected by researchers from various existing sources such as the Central Bureau of Statistics (BPS), books, reports, journals and the Internet. In this study, the secondary data used are in the form of: Details of costs for opening a new store Willow Baby & Kids, and other costs, sales reports of PT. Willow Mandiri Iternusa, financial reports, managerial information about the number of customers, transactions per day, records of accounts payable and receivable, and so on in the 2018, 2019, 2020 period.
2.2. Data Collection Technique
Data collection techniques used in this study are observation, interview, documentation and triangulation.
2.3. Data Analysis Technique
The researcher analyzed the data using two methods, namely qualitative methods and quantitative methods. Qualitative methods are used to obtain a company description such as a general description of the company to analyze the non-financial aspects of the company. The quantitative method is obtained by calculating the data that has been obtained and then processed by using quantitative numbers. The use of quantitative numbers in this feasibility study is to determine the feasibility of the financial aspect by calculating NPV (Net Present Value), PP (Payback Period), IRR (Internal Rate of Return), NET B / C (Net Benefit). Cost Ratio).
1. Market and Marketing Aspects
The market aspect is one of the important business aspects to be studied for feasibility before deciding to start or develop a business. With the analysis on this aspect, it will be known the marketing mix consisting of product, price, supply and distribution and can see the existing marketing development so that it can support business development. For example, to see the availability of market share is indicated by an increase in sales turnover and a large number of requests.
2. Legal Aspect
In the legal aspect, the ability of business actors will be analyzed in meeting the legal and licensing requirements needed to run a business in a certain area. Completeness of documents is needed as a legal basis in case of problems in the future.
3. Technical and Technological Aspects
In this aspect, business feasibility is assessed based on the location of the business to be established on access to raw materials, the target market, available transportation, and the technology used to maintain and increase the company's productivity.
4. Aspects of Capital Budgeting Analysis a. Payback Period
The payback period is a method for calculating the length of time required to return the invested money from the annual cash inflows (proceeds) generated by the investment project. There are two methods to calculate it, namely the cumulative net benefit method and the average net benefit each year.
If the cash flow is not the same every year, then PP can be calculated by subtracting the cash inflow from investment (Jumingan, 2009). The eligibility criteria for investment acceptance using the PP method is that an investment is declared feasible if the PP is shorter than the maximum payback period and if there are several investment alternatives, then the best alternative is to choose the shortest PP investment (Suliyanto, 2012). The formula for finding a Payback Period is as follows:
Cost of project / Investment Annual cash inflow
PP =
b. Net Present Value (NPV)
Net Present Value (NPV) is a method used by comparing the present value of net cash inflows with the present value of investment, the difference between the present value of the two is called Net Present Value (NPV) (Kasmir & Jakfar, 2012). The value generated in the NPV calculation is the unit of currency.
The formula for finding NPV is as follows:
c. Internal Rate of Return (IRR)
Is a tool for measuring the level of internal result retrieval. If the IRR is greater than the loan interest, it is accepted but if the IRR is less than the loan interest, it is rejected (Kasmir & Jakfar, 2012) According to (Suliyanto, 2012) IRR is a method for calculating the interest rate which can equalize the present value of all cash inflows with cash outflows from a project investment
The formula for finding IRR is as follows:
d. Net B/C Ratio
Is a method used to see how many benefits received by the project for one rupiah project expenditure. Net B / C Ratio is a ratio that compares the benefits or receipts of a business with the costs incurred to realize the plan to establish or operate the business.
following is the BEP calculation formula:
3. Result and Discussion
3.1. Market and Marketing Aspects
The market aspect studied consists of the 4P, namely product, price (price), promotion and place (distribution) used by the company.
1. Product
a. Primary needs products such as baby food, namely instant porridge, noodles and organic rice, as well as a variety of special snacks for babies, baby drinks, namely formula milk, milk for breastfeeding mothers, as well as pampers, under pads, and cloth diapers for babies.
b. Secondary/Supplementary Necessary Products Secondary Necessity Products such as toys to train motor skills and baby room equipment for toddlers ranging from playmates, strollers, car seats, high chairs, battery car bouncers and battery motorbikes are also available in various models
2. Price
a. Prices of goods sold also vary according to the type, material and use. The determination of the price given to consumers is based on the price list from the supplier plus 10% - 15%. Meanwhile, if there is a price change, the company will provide an offer letter for the latest price update, but for basic goods with an expiration date that is close to a minimum of 3 months from the expiry date, special prices will be given. This is done to attract customers and so that the product sells out quickly.
3. Promotion
a. One of the promotions carried out by the company is by always updating the WA status on the HP Online store to provide information every day about various promos and new items. The store also held a willback, namely a raffle with prizes for every minimum purchase of Rp. 500,000 will get 1 raffle coupon which is drawn at the end of each year so that customers will easily increase their purchases until they reach a minimum of Rp. 500,000 to get a lottery coupon and free member creation.
4. Place (Distribution)
a. The place of business chosen by the willow baby shop, both the existing ones, namely West Surabaya, East Surabaya and the plan to open a new branch in Central Surabaya, are located near the mall and close to the residential complex, the location is quite strategic and is located on the edge of the highway to the mall, customers who Most of the people who come to shop are residents of the surrounding residential area and visitors from out of town want to go to the mall.
3.2. Legal Aspects
By law, the establishment of PT. Willow Mandiri Internusa has been registered. This is evidenced by the existence of a business license number 503/2615A, a Trade Business License (SIUP) number 13.01.1.462866200
above, it can be seen that the Willow Baby & Kids business already has a business license and a business location permit so that it has complied with legal aspects.
3.3. Technical and Technological Aspect
From the results of interviews and observations, the researchers found that the Willow Baby & Kids business was quite good from a technical and technological point of view, including evaluation of a strategic business location, good facilities and infrastructure to support business activities, skilled workers employed as well as a spacious building layout and parking lot. safe and spacious.
3.4. Financial Aspect
To analyze the feasibility of the business, it is also necessary to specify the estimated costs that will be incurred on this investment. Investment costs, incurred for the cost of buying buildings, leasing and building, purchasing equipment, and making permits, to prepare for the physical needs of the project takes about 6 months.
Operational costs, which are incurred are carried out and calculated every month, as for the detailed cost data as follows:
1. Detail Cost
The costs incurred include fixed costs, operational costs, and depreciation costs. The store willow baby and kids’ establishment plan are calculated based on the need in its opening readiness, for fixed assets it is assumed for 5 years. The cost details are as follows:
a. Fix Operational Cost Rp. 109.160.000 b. Labor Cost: Rp. 582.000.000
c. Depreciation Cost Rp. 1.400.000.000 d. Cost Investment Rp. 7.000.000.000 2. Sales Assumption
In determining monthly sales projections for the Willow Baby Shop expansion project, it is assumed that the reference is to use the total sales at the existing store. Based on the data, it is assumed that the company will earn the following income:
a. Per Day: Rp. 10,113,000 b. Per Month: Rp. 303.390000 c. Per Year: Rp. 3,640,680,000 3.5. Aspects of Capital Budgeting Analysis
The feasibility analysis of opening a new Willow Baby Shop branch uses several investment criteria, namely PP (Payback Period), NPV (Net Present Value), IRR (Internal Rate of Return), NET B/C (Net Benefit Cost Ratio). All results of this business feasibility analysis come from own capital (parent company). The following are the results of the business feasibility analysis at PT. Willow Mandiri Internusa:
3. Payback Period
Payback Period is used to measure the period of time required to return the initial investment costs incurred by the Willow Baby Shop business owner. The payback period formula if the cash flow from an investment plan/project differs in amount each year, namely:
Payback Period = n+a-b
x 1 tahun c-b
Where:
n = the last year in which the cash flow still could not cover the initial investment a = amount of initial investment
b = cumulative amount of cash flows in year n c = cumulative amount of cash flows in year n+1
Table 1. Payback Period Tahun Investment Cash Flow
Cumulative Cash Flow 0
Rp.
7,000,000,000 1
Rp.
1.948.456.000
Rp.
1.948,456,000 2
Rp.
2,115,301,600
Rp.
4.063.757.600 3
Rp.
2,298,831,760
Rp.
6.362.589.360 4
Rp.
2,500,714,936
Rp.
8.863.304.296 5
Rp 2.722.786.430
Rp.
11.586.090.726 3 + 7,000,000,000 - 6,362,589,360
8,863,304,296 - 6,362,589,360
3 + 637,410,640 2,500,714,936
= 3+ 0,25 x1
= 3,25
Payback Period = x1
= x1
Based on the calculation results, it is obtained that the expansion plan has a payback period of 3.25 years, with a comparative estimate that the rate of return on the money invested in the investment is 5 years, it can be concluded, the expansion plan of PT. Willow Mandiri Internusa is worth doing.
1. Net Present Value
In evaluating using NPV, the interest rate used is 15%. The results of the NPV calculation can be seen in the following table:
Table 2. Net Present Value
Year Cash flow Cash Flow Current Value 0 Rp (7.000.000.000) Rp (7.000.000.000) 1 Rp 1.948.456.000 Rp 1.694.309.565 2 Rp 2.115.301.600 Rp 1.599.471.909 3 Rp 2.298.831.760 Rp 1.511.519.198 4 Rp 2.500.714.936 Rp 1.429.791.881 5 Rp 2.722.786.430 Rp 1.353.706.068
NPV Rp 588.798.621
Based on the calculations in the table above, the NPV is positive Rp. 588,798,621 because the results obtained are positive, the expansion plan of PT. Willow Mandiri Internusa meets the requirements for an implementation feasibility assessment based on the predetermined NPV criteria. The positive results obtained from the NPV calculation illustrate that the investment that will be made will ultimately be able to increase the value of the company.
2. Internal Rate of Return
In calculating the IRR, 2 calculations were made with 2 different interest rates. The first interest rate is (K1) = 10% and the second interest rate (K2) = 15%, then the following calculation can be obtained:
Table 3. Internal Rate of Return
Year Cash Flow
10% 15%
0 Rp (7.000.000.000) Rp (7.000.000.000) 1 Rp 1.771.323.636 Rp 1.694.309.565 2 Rp 1.748.183.140 Rp 1.599.471.909 3 Rp 1.727.146.326 Rp 1.511.519.198 4 Rp 1.708.021.949 Rp 1.429.791.881 5 Rp 1.690.636.152 Rp 1.353.706.068 NPV Rp 588.799.621 Rp 1.645.311.205
IRR 17,7%
NPV 1 NPV 1 - NPV 2
1,645,311,205 1,645,311,205 - 588,798,621
= 0,1 + 1,557 (5%)
= 0,1 + 0,077
= 0,177 = 17,7%
Internal Rate of Return = K1 + (K2-K1)
10%
= + (15% - 10%)
The IRR criterion is to accept a project if the internal rate of return is greater than or equal to the desired rate of return, if the internal rate of return is less than the desired rate of return, the project is rejected. Based on the table above, the calculation results of the internal expansion rate of return of PT. Willow Mandiri Internusa of 17.7% when compared with interest rates of 10% and 15%, it can be concluded that the expansion of PT. Willow Mandiri Internusa deserves to be accepted or run, because it has an internal rate of return that is higher than the benchmark interest rate.
3. NET B/C Ratio
This net B/C is a comparison between the number of positive PV and negative PV, which will later show an illustration of how many times the benefits obtained from the costs incurred.
Table 4. NET B/C Ratio
No PV Negatif PV Positif
0 Rp (7.000.000.000)
1 Rp 1.694.309.565
2 Rp 1.599.471.909
3 Rp 1.511.519.198
4 Rp 1.429.791.881
5 Rp 1.353.706.068
Total Rp. (7.000.000.000) Rp 7.588.798.621 BCR = 𝐵
𝐶 = 7.588.798.621
7.000.000.000 = 1,1 > 1
From the above calculation, the BCR can be calculated at the 5-year plan life. The result of the BCR is 1.1 where the value is greater than 1 (1.1 > 1). In this case, if BCR > 1 then the project is feasible to work on.
4. Conclusion & Suggestion
4.1. ConclusionBased on the results of research data processing at PT. Willow Mandiri Internusa (Willow Baby & Kids) which is carried out based on a business feasibility study through 4 aspects, namely market and marketing aspects,
legal aspects, technical and technological aspects, and financial aspects, the expansion plan is feasible, which if viewed based on:
1. In terms of market and marketing aspects, it is very clear that the target market that Willow Baby & Kids will target. Then the 4Ps are related to strategic places, complete and updated products, prices that are in accordance with people's pockets, and promotions that are carried out to attract customers to shop or increase spending.
2. In terms of technical and technological aspects, it includes evaluation of strategic business locations, good facilities and infrastructure to support business activities, experts employed as well as layout of a large building and a safe and spacious parking lot
3. In the Legal Aspect PT. Willow Mandiri Intenusa already has a Trading Business License related to the business and related to the business location already has a Business Place Permit.
4. While in terms of financial aspects Based on the results of the calculation of the Payback Period, the results obtained are 3.25 years, with a comparative estimate that the rate of return on money invested in the investment is 5 years. The positive results obtained from the NPV calculation illustrate that the investment that will be made will ultimately be able to increase the value of the company. Based on IRR Calculation of PT. Willow Mandiri Internusa deserves to be accepted or run, because it has an internal rate of return that is higher than the benchmark interest rate. Calculation of BCR at the design life of 5 years. The result of the BCR is 1.6 where the value is greater than 1 (1.1 > 1). In this case, if BCR > 1 then the project is feasible to work on.
4.2. Sugestion
Based on the results of the study, the researchers gave the following suggestions:
1. Regarding the analysis of market and marketing aspects, what can be done is that it is necessary to increase promotional activities, namely expanding to tiktok, the website not only through the status of wa toko and instagram and trying to use the services of influencers so that they are more widely known by the wider community
2. While in terms of technical and technological aspects, what can be done is that companies must really look for employees who are experts and experienced in photo and video editing in order to attract more customers with good promotional designs
3. From the financial aspect, based on the above calculations, the results show that this project is feasible to run, so the company is also expected to run this project with 100% of its own capital, because if you use a loan, it will be more risky to decrease income and increase costs and it is necessary to take the problem seriously.
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