Case Analysis SiFAR

GENT5113
Entrepreneurship
INDIVIDUAL ASSIGNMENT 1 AHMAD FIKRI ASYRAF ZAHARUDIN

Business Analysis Presentation M181101028
BinaPavo Data Intelligence Sdn. Bhd.
Assigned by:
PROF. DR. MOHAR YUSOF
Business Analysis Presentation, ©️ Fikri Zaharudin, UNIRAZAK Graduate School of Business, Malaysia
Storyboard Issues Analysis Recommendations Timeline Alternatives Summary
Growth Crossroad
After the grant was
discontinued in
Expansion August 2016 due to
unmet sales
BinaPavo Data milestone, further
Intelligence was efforts were
incorporated in stopped.
Founded January 2016, before
a grant worth Participated in SME
The founders RM500,000 was Solutions Expo –
created SiFAR with awarded two months crowd was below
internal investment later. expectation.
of the parent Operations had to
company, 7 personnel were
be slowed down to
kCommerce. recruited. Marketing
manage risks. Most
side was enhanced.
A soft launch was employees were let
Various
exhibited at an go to reduce
collaborations and
Islamic Finance overheads.
engagements were
Forum, before a initiated but none of
pilot project with a them was closed.
development bank
was secured a
month later.
September 2015 March 2016 December 2016 Timeline

Human
Capital
Pre Issues / Challenges

• Poor awareness of and limited exposure on cloud-based cash flow management
Business system in Malaysia.
Development • Hardship in initiating technological adoption and creating acceptance.
• Majority Malaysian micro and small business owners start off on bootstrapping –
extra cautious with expenses.
Customer
Acquisition
Human
Capital
• Talent identification, selection and enhancement.
• Most key employees recruited were fresh graduates which are young,
inexperienced and lack of confidence.
Business
Development • One of the key major challenges - inability to find full-time, experienced and
suitable Sales Manager.
• Had to outsource to an independent marketing company the development of
marketing materials and execution of several strategic communication initiatives.
Customer
Acquisition
Human
Capital • Only 13% of the registrants actively used the system during the pilot project
period – bank officers reluctant to impose the use of SiFAR on the borrowers.
• Unfortunately, six out of six business development initiatives were unsuccessful.
• Business partner was unwilling to invest in developing the prototype of an accounting system for mosques.
• Consulting firm ended to realize that they don’t really need SiFAR for their merchants and customers.
Business
• Chief Technology Officer of a large co-operative preferred to adopt a system, which had already fulfilled the
Development
functionalities required for small co-operatives.
• Opportunity to collaborate with a digital department of a commercial bank was not able to be secured as the
company has yet to get approval from Bank Negara Malaysia.
• Collaboration with Bizlah on the Entrepreneur Financial Expo (EFE) was discontinued due to lukewarm response.
• Presented to the Centre of Entrepreneur Development (CED) of a Micro-Financing Agency but BinaPavo (SiFAR) was
Customer
not chosen.
Acquisition
Human
Capital • Two approaches were undertaken which are as follows:
• Direct engagement with individual business owners.
• Building relationships and partnerships with entrepreneurship and business-related associations.
• Both were combined with training sessions.

• However, interested and willing business owners were difficult to be acquired because:
Business • Many Malay, Bumiputera and Muslim business owners did not place priority on cash flow and record
Development management.
• Lack of time due to them running businesses on their own with a very few workers, if there’s any.
• They are still struggling with doing sales and making ends meet.
• Some preferred using Excel because they felt it was free.
• In addition to that, the challenge faced with associations and agencies was the slow process
Customer
of decision making.
Acquisition
OPPORTUNITY Communication RESOURCES

Fintech Industry Own Fund & CIP500
• Although the market is • Starting up, SiFAR was
highly competitive, as a Opportunity Resources internally funded by the
whole, it is a constantly parent company.
growing and developing Business Plan • By the second quarter of
•
industry.
Niche offering – cloud-
Fits and gaps operation, CIP500 grant
was awarded to BinaPavo
based, single-entry and (SiFAR) by Cradle.
online cash flow Entrepreneurship Experts
management solution. Creativity Leadership • Dr. Mohar Yusof and Dr.
Team Leilanie Mohd Nor are
Mass Market both certified and
• The Malay, Bumiputera experienced
and Muslim – the major entrepreneurship
segment of the micro and academicians / coaches.
small business owners. • Based on their years of
applied research, SiFAR
Founder was founded and
developed.
TEAM
• Other than the directors of BinaPavo, the startup team comprises of a marketing
department, a sales department, an admin and finance department, a technical
department and a customer relationship management (CRM) department.
CREATIVITY Communication LEADERSHIP

Simplification Value Democratic Style
• SiFAR is more than just a • From the structure
solution. Being a single- Opportunity Resources attached on the third
entry, online and slide and own experience,
accessible via Android Business Plan it can be said that
mobile app, it highly
simplifies one of the
Fits and gaps BinaPavo (SiFAR) is led by
democratic-styled
most complicated and leaders.
time consuming • It is important for the
necessities of a business Creativity Leadership directors to allow the
– financial reporting. Team managers to exercise
Transition of the Mass authority in order to
• Although it is challenging, ensure effectiveness and
but sparkling up the productivity.
industry with a tech- • However, finding the
based development right manager(s) is
would trigger the mass challenging for the
market to follow the Founder company.
transition or evolvement.
COMMUNICATION
• Internally, communication is key for the team at BinaPavo (SiFAR). Since SiFAR is a form of
solution, users’ qualitative and quantitative feedbacks are valuable and taken into
account by the CRM department, so that an enhancement can take place accordingly.
Value Rarity Imitability Organization

Resources / Capabilities Impact on Competitive Advantage
(V) (R) (I) (O)
With the grant awarded, BinaPavo had the

advantage to recruit a whole team that made the
company was able to pursue the efforts on
marketing and selling aggressively. Most portion
received was spent on recruitment, whereas, the
CIP500 Grant 10 7 1 8 rest was spent on implementing the marketing and
sales strategies. However, since the company did
not meet the sales milestone, this resources can
only be considered as giving a short-term
competitive advantage for SiFAR.
Although the directors and the managers of
BinaPavo are among experts and experienced
people, however, the sales drivers (executives) are
incapable to deliver well due to lack of experience
and confidence in engaging with clients on the
BinaPavo’s Sales Department 5 3 1 5 ground. For a company that is powered by a grant
that has sales milestone quarterly requirement, it is
crucial for the sales team to perform accordingly.
Thus, this resources can only be defined as giving a
competitive disadvantage for SiFAR.
Assessments above done using the scale of 10 – very true; 1 – not at all.
Value Rarity Imitability Organization

Resources / Capabilities Impact on Competitive Advantage
(V) (R) (I) (O)
Although BinaPavo was unable to grow SiFAR as

planned due to the challenges and circumstances, it
is indeed, as a product, has a high potential to be
Simplified Financial and Recordkeeping developed into a comprehensive, automated
9 7 8 7 solution that can help and assist many micro and
(SiFAR)
small businesses. Thus, since SiFAR is owned by the
BinaPavo, it can be considered as giving the
company a long-term competitive advantage.
Being able to innovate a technology-based financial
solution is an entry to the fintech industry for
BinaPavo. At the point SiFAR was launched, the
fintech industry was still at the mid-stage of
Presence in the Fintech Industry 9 1 1 3 growing, globally. However, today it is one of the
demanded industry and busiest market. Having a
place in the fintech industry gives the company a
competitive equality.
Assessments above done using the scale of 10 – very true; 1 – not at all.
Human CORE RECRUITING

Capital REQUIREMENT Core
&
In order for SiFAR to be Requirement
SELECTING
productive and BinaPavo recruited and
profitable, BinaPavo selected 7 employees in
requires talents with Supervising Recruiting total prior to closing the
intellectual knowledge, CIP500 grant, whereby
practical skills and most portion was used to
relevant experience in pay the salaries.
Business sales as well as marketing
– physical and digital. Although the employees
Development
recruited were
To lead these talents, the academically fresh and
Compensating Selecting
company requires qualified, but they were
experienced and full lack of experience and
time managers. confidence.
Training
Both talents and Experienced managers,
managers need to be
Customer fully utilized to ensure
unfortunately, were
unable to be found.
Acquisition cost effectivity.
Human TRAINING COMPENSATING

It is assumed that the Compensation is
Capital employees were not sent Core
assumed to be done
Requirement
for training and fairly because the major
development. recruitment was
implemented only after
Supervising Recruiting
Lack of sales experience the grant was acquired.
and low confidence in
engaging with clients on So, it was important for
the ground are two BinaPavo to compensate
Business crucial issues in terms of the employees well, in
Development the employees. hopes that they would
perform and meet the
With such training needs Compensating Selecting sales milestone required
identified, a set of by the funding agency.
training objectives shall
be derived, methods shall Training
Unfortunately, the
be selected, trainings company was brought to
shall be conducted and realize that good
Customer performance shall be compensation ≠
monitored accordingly. productivity.
Acquisition
Human SUPERVISING SUMMARY

In terms of supervision, Other than finance
Capital although it was Core
(money) and time,
Requirement
challenging for BinaPavo human is a valuable
to find the experienced asset to any kind of
managers, the owner- business or company,
Supervising Recruiting
managers are managing, especially, the ones
monitoring and employed within the
supervising the team very start-up stage.
well.
Business In the case of BinaPavo,
Development However, having to juggle the company has learnt
between managing the that recruiting and
company and their other Compensating Selecting selecting should be more
commitments, led them than just about
up to being too lenient conducting interviews,
and that may be one of Training
that training is very
the reasons why the important, that
employees did not compensating does not
Customer perform productively. ensure productivity and
that supervising requires
Acquisition experience and full-time
commitment.
• Generally, although with the initiatives listed on the issues section, it can be
Human
Capital analyzed that not only BinaPavo was lack of connections and network, but there
was no specific department for business development.
• It is crucial for the company to develop a direction and to have a team focusing on
business development rather than utilizing the current staff from other
Business
Development departments – especially from the sales department, because they are totally
different from one another.
• Even though, the company was still a start-up at that time, the directors and the
founders should have considered to hire one business development expert, or
Customer outsource to a business development consulting firm in order to secure at least
Acquisition
half of the potential projects.
• In addition to the issues on customer acquisition, BinaPavo did pursue another two approaches which are
Human as follows:
Capital • Organizing training programs for students in higher education institutions.
• Exhibiting SiFAR at events and exhibitions.
• However, due to financial constraint and discontinuance of the grant, the company couldn’t move forward
as planned – only managed to go as far as participating in the SME Solution Expo 2016 which the crowd
attended was below expectations.
Business
Development • Generally, it can be analyzed that the issues on customer acquisition were
correlated with the ones on human capital – mainly referring to the inexperienced
sales team.
• Whatever that were initiated in terms of sales for SiFAR are very strategic and
Customer
predictively effective to be implemented, if and only if, it was performed by the
Acquisition
right set of talents.
Human
Capital
• Before moving on to this section based on the clustered (and highlighted) issues as
Business well as the thorough analysis done, the recommendations on the following slides
Development are strategized for when BinaPavo would want to re-enter the fintech market with
a full-fledge offerings, strategies and team for SiFAR.
Customer
Acquisition
Human
Capital • To engage with an established and experienced recruitment firm – in order to
enhance the effectiveness of employment.
• It is advisable for BinaPavo to reconstruct the operational and functional side of the organizational
structure beforehand – the company did cut its headcount before putting SiFAR “to rest”.
Business • To outsource the sales and marketing side of the business upon implementing the
Development
revamped strategic plan for SiFAR.
• To move forward, it is best for the company to work with not one but many firms that provide
services, assistance and consultancy on sales and marketing, without any fixed attachment with any
one of them, so that BinaPavo will have a list of options to consider, based on the experience
Customer working with each one of them.
Acquisition
Human • To add up a department for business development on the organizational chart –

Capital effectively for the employees to have a specified focus, direction, plan,
implementation and control.
• Like the rest of the departments, this one shall be led by an experienced (or an expert) on business
development – starts from strategizing, to identifying potential projects and closing them, to
Business engaging with the right partners and absorbing, utilizing benefits gain out of the partnerships.
Development
• To outsource this side as well to a business development consultancy firm in
order to ensure effectivity without having to even think about how to go about it.
• Locally, business development consultancy may be new, but internationally, a company named
Bushidō, based in Italy is an established firm, specialized in the deployment of services to support
Customer companies and SMEs, wishing to achieve business growth by an international expansion strategy
Acquisition
and needing experienced management and representation.
Human
• Other than the fact that this correlates with the issues on human capital, it is also
Capital
related to the digital and content marketing initiatives that BinaPavo could have
done better on which are as follows:
• To enhance the presence of SiFAR on LinkedIn, instead of other social media platforms
Business – updates, advertisements and engagements.
Development • SiFAR, being a financial solution, objectively, to assist micro and small business owners,
should emphasize on the use of LinkedIn as it is the professional version of Facebook for
almost everyone doing business.
• To market SiFAR abroad, rather than to only focus on tapping on the local mass market.
• One of the many ways is to participate in relevant exhibitions abroad, advisable in China and /
Customer
Acquisition or in the UK and / or in the US as well.
Performance Matrix : Human Capital
Options Recommended Human Capital
Outsource to Sales and

Engage with a Recruitment
Criteria Marketing Consultancy
Firm
Firm
Cost Effectiveness 5 3
Ease of Implementation 3 4
Business Impact 4 3
Total 12 10
Performance Matrix : Business Development
Options Recommended Business Development
Outsource to a Business
Add a Business
Criteria Development Consultancy
Development Department
Firm
Business Impact 5 4
Total 12 13
Performance Matrix : Customer Acquisition
Options Recommended Customer Acquisition
Market SiFAR
Enhance Presence on
Criteria Internationally
LinkedIn
Business Impact 4 5
Total 12 12
Importance
Customer Acquisition
High
Enhance Presence
Market SiFAR Internationally
on LinkedIn
Business Development
Medium Outsource to a Business Development
Consultancy Firm
Human CapitaL
Low
Engage with a Recruitment Firm
3 6 9 12 15 18 Months
Importance
BinaPavo should enhance
Customer Acquisition the presence on LinkedIn
High by:
Enhance Presence • Providing expert content.
on LinkedIn
Market SiFAR Internationally • Using visual media.
• Keeping updates brief.
• Engaging with audience.
• Using paid content – InMail
and LinkedIn Ads.
Business Development • Sharing company culture.
Medium Outsource to a Business Development • Optimizing the page.
Consultancy Firm • Utilizing global features.
• Sharing other content.
This is advisable to be done first,

as soon as the company decide
Human CapitaL to put SiFAR in the market again,
Low and it should be done
Engage with a Recruitment Firm persistently.
3 6 9 12 15 18 Months
Importance
BinaPavo should study and
Customer Acquisition identify international
High market to be tapped as well
Enhance Presence as constructing strategic
on LinkedIn plans and capitals before
implementing accordingly
from the third quarter
onwards.
Medium Outsource to a Business Development Examples of trade events,
Consultancy Firm fairs and conferences to
consider:
• Internation Fair for

Investment & Trade China
Human CapitaL • London Fintech Week
Low • California Accounting &
Engage with a Recruitment Firm Business Conference Show
3 6 9 12 15 18 Months
Importance
High To boost up the business
Enhance Presence development “engine” for
on LinkedIn SiFAR without having to
spend on hiring employees,
it is strategic for BinaPavo
to engage with a business
Business Development development consultancy
Medium Outsource to a Business Development firm.
Consultancy Firm
This is advisable to be
implemented by the second
quarter on a one-year
Human CapitaL contractual basis.
Low
3 6 9 12 15 18 Months
Importance
High Since BinaPavo will have to
Enhance Presence
Market SiFAR Internationally start all over again, without
on LinkedIn
any investment aid or grant,
the organization can begin
to be reconstructed by the
third quarter.
Medium Outsource to a Business Development This is advisable to be
Consultancy Firm
implemented by engaging
with a recruitment
consultancy firm on a one-
year contractual basis.
Human CapitaL
Low
3 6 9 12 15 18 Months
Emphasize on the Business Workshops, Courses and Conferences

• With the expertise in hand, BinaPavo shall also focus on conducting business
workshops, courses and conferences.
• Other than to generate income, it is also to expand the database which can
lead the in-house experts to do further research to support the re-
implementation of SiFAR.
• As a summary, I agree that SiFAR has the potential to be a type of needs for
the micro and small business owners globally.
• However, due to the inability to manage risk as well as the incompatibility of
the team, BinaPavo did not manage to soar upwards with SiFAR.
• Quoted from the case : with sufficient resources, capital and support, the
business could have been grown to benefit and assist many micro and small
businesses.
END
Business Analysis Presentation, ©️ Fikri Zaharudin, UNIRAZAK Graduate School of Business, Malaysia

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GENT5113

INDIVIDUAL ASSIGNMENT 1 AHMAD FIKRI ASYRAF ZAHARUDIN

September 2015 March 2016 December 2016 Timeline

Pre Issues / Challenges

• Both were combined with training sessions.

OPPORTUNITY Communication RESOURCES

CREATIVITY Communication LEADERSHIP

Value Rarity Imitability Organization

With the grant awarded, BinaPavo had the

Value Rarity Imitability Organization

Although BinaPavo was unable to grow SiFAR as

Human CORE RECRUITING

Human TRAINING COMPENSATING

Human SUPERVISING SUMMARY

Human • To add up a department for business development on the organizational chart –

Outsource to Sales and

This is advisable to be done first,

• Internation Fair for

Emphasize on the Business Workshops, Courses and Conferences

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