Integrating Accounting Information, SWOT, BMC, and Market Potential Analysis in MSMEs: Evidence from CV. Sikamali Bali Makassar

Copyright © ISRG Publishers. All Rights Reserved. DOI: 10.5281/zenodo.17403043 39 ISRG PUBLISHERS Abbreviated Key Title: ISRG J Econ Fin. ISSN: 3048-6998 (Online) Journal homepage: https://isrgpublishers.com/isrgjef-2/ Volume – 2 Issue -5 (September-October) 2025 Frequency: Bimonthly Integrating Accounting Information, SWOT, BMC, and Market Potential Analysis in MSMEs: Evidence from CV. Sikamali Bali Makassar Jaeneldson1, Fransiskus Randa2, Marselinus Asri3* 1, 2, 3 Universitas Atama Jaya Makassar | Received: 12.10.2025 | Accepted: 19.10.2025 | Published: 21.10.2025 *Corresponding author: Marselinus Asri Universitas Atama Jaya Makassar Abstract This research analyzes accounting information as a strategic management tool in the hands of managers and how useful it is in MSMEs using CV. Sikamali Bali in Makassar is an example. By combining AIS with SWOT analysis, the Business Model Canvas (BMC), strategic environmental analysis, and market potential mapping, a comprehensive model linking financial and strategic business performance is developed. A qualitative descriptive research method was used to conduct interviews, observations, and document analysis to understand the role of accounting information in strategic and operational decisions. This report reveals how the company’s dependence on manual, ‘pen and paper’ bookkeeping prevents them from tracking accurate costs and maintaining financial control under thin margins, limiting long-term planning growth prospects. However, if the accounting information is embedded in strategic models such as BMC and SWOT, it improves decision-making quality, resource allocation, and adaptation to external market conditions. The research suggests a Financial Transformation System Model that focuses on the financial data being transformed to grow strategic insights for MSMEs. This dynamic provides for an ongoing account environment sensitizing mechanism to formulate strategy, adapt in the environment, and grow markets. The findings emphasize the need for MSMEs to adopt digital accounting and financial literacy to enhance data-driven management, competitiveness, and sustainable growth. Keywords: Accounting Information System; Business Model Canvas; SWOT Analysis; Copyright © ISRG Publishers. All Rights Reserved. DOI: 10.5281/zenodo.17403043 40 1. INTRODUCTION In the prevailing economic landscape, which is now being shaped by rapid technological advancements and globalization, accounting information has also become indispensable in aiding organizational decision-making making especially for micro, small, and mediumsized enterprises (MSMEs). As the locomotive of the Indonesian economy, MSMEs contribute more than 60% to Gross Domestic Product (GDP) and hire more than 97% worker source of the national workforce (Badan Pusat Statistik Indonesia, 2020). While representing the vast majority of business enterprises in Nigeria, many MSMEs encounter fundamental challenges associated with financial management, financing, and strategic planning as a consequence of inadequate utilization of dependable AIS. Indeed, accounting data is not just a record of events; it is a strategic device that re-packages crude financial inputs into information that can be used by the decision maker. Horngren, Datar & Rajan (2014) assert that the timing, relevance, and accuracy of accounting information influence managerial decision making to facilitate efficient allocation of company resources and meet predetermined performance objectives. This is particularly important for MSMEs in terms of pricing, cost management, investment decision-making, and expansion of business. When the accounting records of a business are not organized, entrepreneurs may base decisions on intuition or experience, and often these intuitions can be costly(Tajuddin et al., 2023). In the case of CV. Sikamali Bali Makassar, a small firm engaged in furniture making and funeral services, and transportation, uses accounting information only as basic capital. The business keeps going by appealing to local cultural values – the Torajanese identity in particular is now more than a decade old. However, as one can tell from field observations and interviews reported in her dissertation, the employers there are still using manual bookkeeping; consequently, they cannot monitor cash flow, assess performance, or prepare for a strategic initiative such as digital transformation and market diversification. The absence of systematic financial data causes constraints on identifying lucrative parts of the business and cost structures, and pricing strategies for products. These deficiencies not only lead to operational daily control issues but also prevent the company from taking strategic management decisions in the long term. In the increasingly fierce competition of the furniture and service industry, MSMEs such as CV. Sikamali Bali deserves better accounting literacy and the use of at least basic digital accounting systems for sustainable business growth. The introduction of accounting information into established holistic strategic frameworks, such as the Business Model Canvas (BMC) and SWOT analysis, offers a systematic approach to link financial considerations with strategy. The BMC, developed, provides nine building blocks that depict how a business generates and delivers value (from the customer segments to the cost structure and revenue streams). Used in conjunction with financial accounts, the BMC can provide a potent decision-making framework as it directly connects finance to operational and strategic dimensions of the business model. This can be, for instance, cost numbers that elucidate actual costs under ‖ Cost Structure‖ or profit development spare parts facts under ―Revenue Streams‖ (Tajuddin et al., 2023). Furthermore, such SWOT (strengths, weaknesses, opportunities, and threats) analysis also combines with accounting data to provide a more objective review of internal financial strengths and weaknesses as they relate to external market opportunities and threats. The fact that accounting information serves as a diagnostic tool aiding in the formulation of strategic business decisions (Akbari et al., 2025; Iyan, Asriansyah, S Mawung, 2020). In the case of MSMEs (medium-small businesses and medium enterprises) in the Indonesian context, digital transformation has become a national agenda, as outlined by Kominfo (2022), which plans to digitize 30 million MSMEs before 2024. Still, due to constraints in financial education and resources available, some barriers persist in the development of digitalization initiatives. Most MSME operators concentrate on marketing or production while not paying much attention to financial management systems, which are the bedrock of business continuity. Therefore, there is an increasing urgency to focus on accounting data as one of the building block factors for decision making beyond mere formalities, but as enablers of competitive edge (Ariadi & Sudarso, 2020; Utama, 2017). Thus, the purpose of this research is to illuminate the strategic importance of accounting information for managing the MSME by a CV. Sikamali Bali Makassar. It speaks to how accounting systems can be linked with a Business Model Canvas and SWOT analysis, generating actionable strategies that improve the overall performance, efficiency, and adaptability of businesses in their environment. The paper contributes to both the theoretical and practical understanding of evidence-based decision-making by showing that financial information, given in structured accounting form, is key in decision-making that relates to strategy directions within MSMEs' growth. 2. METHODOLOGY 2.1 Research Design The research uses qualitative descriptive techniques of analysis and case study studies to examine how accounting information supports the managerial decision-making process in micro, small, and medium enterprises. The qualitative approach provides an understanding of the processes by which accounting information is formed, interpreted, and used by managers in settings that are real (Creswell, 2018). The case study approach is useful insofar as it allows the researcher to investigate complex management phenomena such as decision-making behavior, business model formation, and accounting information use in context. The selected case, CV. Sikamali Bali Makassar presents an MSME that survives the differentiating competition from the marketplace with its culture, but is still weak on formal accounting. The case has rich data and provides a basis to explore the potential of integrating accounting systems with Business Model Canvas (BMC) & SWOT analysis for enhancing strategic business decisions (Badan Pusat Statistik Indonesia, 2020; Utara, 2024). The research is interpretive in its nature, aiming to uncover how information is made sense of and valued by managers rather than how it is recorded. It is for this reason that attention is paid not only to financial reporting but also to the process of managerial information search and decision making related to financial information. Copyright © ISRG Publishers. All Rights Reserved. DOI: 10.5281/zenodo.17403043 41 2.2 Research Paradigm The investigation is of an interpretivist nature and focuses on the sense that organizational actors attach to their accounting and management practices. This concept posits that MSME business decisions are influenced by the social construction of the owner, which in turn is shaped by experience, cultural tradition, and environmental conditions. Accounting information, then, is not viewed as technical information but as a social artifact that mirrors managerial perception and organizational practices. In this context, the researcher is an instrument of inquiry who interprets how accounting data influences strategic decisions (for example, pricing, budgeting, marketing investments, and product innovation) at CV. Sikamali Bali Makassar. 2.3 Data Sources The research relies on secondary and primary data: Primary Data were collected through: Deep Dive Interviews with the owner, finance personnel, and operations management to explore how financial data is entered into the system and used for decision-making. Participant Observation to obtain a real practice of the accounting, such as bookkeeping, estimation, and manager conversations. Field Visits and Casual Discussions that captured the opinions, perceptions, and thought processes of those making decisions. Secondary Data were obtained from: Documents are kept internally, such as sales receipts, expense notes, and manual financial statements. Official report by KRK with academic journals and a series of previous theses related to Business Model Canvas, SWOT analysis, as well as MSME accounting. 2.4 Research Location and Period The research was carried out at CV. Sikamali Bali Makassar is situated at Jalan Katimbang, Makassar, South Sulawesi, Indonesia. It is in three lines of business: wood furniture manufacturing, funeral services, and transportation logistics. Data were collected for 4 months (June-September 2025) to capture a wide range of financial and management activities, including high-demand as well as low-demand business periods. 2.5 Data Collection Techniques Several qualitative methods were used to establish credibility and reliability: Semi-structured Interviews: Interviewed through open-ended questions that allow participants to express themselves without hindrance. Subjects ranged from accounting procedures, decisionmaking policies, to budgeting and pricing, and marketing concepts. Observation: The investigator observed daily events, especially how accounting information was generated, processed, and disseminated. Examination of Documents: Examined manual accounting journals, cashbooks, cost sheets, and financial statements to verify the accuracy and completeness of accounting information. 3. LITERATURE REVIEW 3.1 Accounting Information and Decision-Making. The fabric for all decisions in a business organization is information-based. It converts daily transaction data also into relevant information to assist owners and managers in planning, controlling, and evaluating business performance. As a result, by using appropriate accounting information, the management can ascertain their financial standing and be in a position to control costs, check the earning trends, and then plan future strategies (Lingyan et al., 2021; Salikin & Wahab, 2014). In the case of micro, small, and medium-sized enterprises (MSMEs), accounting information has a dual role, as it provides support for the managerial control of internal use and represents business credibility when directed to external entities such as banks or any other government institution. Accurate accounting records also help small businesses assess operational efficiency and detect red flags related to finances at an earlier stage. Intuition becomes the predominant basis for most decisions when there is no structured accounting data, and this leads to wasteful efforts and unrealistic budgeting (Lefebvre, 2023; Salikin & Wahab, 2014). The information on the accounting is a strategic asset because it gives quantitative support to evaluate the performance of CVs in this event. Sikamali Bali Makassar, and for reference in decisions, manufacturing, pricing, and investment. 3.2 Accounts in MSME strategic management. In the MSMEs, strategic planning is mostly intuitive when compared with being analytical. Accounting data assists the decision-making process by transforming raw financial facts into measurable evidence. It is easily able to facilitate budgeting processes, cost assignment, and performance measurement longterm, and it enables the company to create goals that are feasible from a financial perspective. MSMEs can control stability and resource utilization through the use of accounting data. It also helps to recalibrate strategies after there are changes in market or production conditions. In such a manner, accounting is an inseparable part of the strategic management cycle—beginning with setting goals and measurement procedures based on its effect evaluation, and ending at strategic evaluation and adjustment (Myovella et al., 2020). 3.3 SWOT Analysis as a strategic diagnostic technique. SWOT analysis is a management tool for recognizing an organization’s internal strengths and weaknesses, coupled with its external opportunities and threats. For small businesses, this tool enables owners to identify their competitive advantage and where there is room for development. Accompanied by accounting information, a SWOT analysis can be more precise since strengths and weaknesses (weaknesses are only involving in company internal factors) may be quantified by financial figures such as cost efficiency, profit margins, or liquidity (Akbari et al., 2025; Iyan, Asriansyah, S Mawung, 2020). In the case of CV. Sikamali Bali Makassar SWOT is shown to the company directly in assessing its strengths and weaknesses objectively (strong skills of the worker; loyal customers). The other party also assists by helping weaknesses such as malfunctions due to manual recording " financial statement" system Of computerized / IT financial system. Also, opportunities from market growth and technology innovation are considered in view of the threats posed by competition and material prices (Akbari et al., 2025; Iyan, Asriansyah, and S Mawung, 2020). 3.4 Business Model Canvas & Strategic Design: Two of the tools highlighted in this research are included in the category of strategic design. Copyright © ISRG Publishers. All Rights Reserved. DOI: 10.5281/zenodo.17403043 42 The Business Model Canvas offers a method for mapping out how a business creates, delivers, and captures value. There are nine of them: Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships, and Cost Structure (Akbari et al., 2025; Iyan, Asriansyah, S Mawung, 2020). For MSMEs, the BMC can assist in visualizing the broad business system and indicating what improvements are needed. With accounting support, each component becomes quantifiable and strategically actionable. Accounting numbers reveal from what segments of the marketplace successful customers come, which value propositions best satisfy them, and how to profitably generate and deliver these value propositions. In the present paper, BM Canvas is applied to analyze CV. The KEy drivers to the long-term sustainability of Sikamali’s construct lie in how it correlates its financial and operational realities with drivers of its strategic objectives, thereby ensuring that every business piece plays a positive role in achieving sustainable business (Andersén, 2021; Cui et al., 2024). 3.5 Environment of the strategy and Potential Market The performances of organizations are affected by internal as well as external environmental factors. Political, economic, social and technological, legal, and environmental dimensions are a part of the strategic environment, which offers opportunities and challenges. However, the MSMEs need to adapt themselves to the environment and competition. At CV's business context. The Sikamali Bali Makassar economic corridor development, digital shift trend, and the energy of consumers to culture-based products open a new opportunity for expansion. At the same time, technological transformation, taxation adjustment, and market behavior change are forcing the enterprise to always closely observe its external environment and make corresponding strategies. Market potential analysis goes hand‐in‐hand with this environmental understanding in identifying attractive segments and evaluating consumer demand. Using financial data, it can find out which products make the best returns and identify the most profitable markets. Combining accounting information with strategic tools such as SWOT, BMC, or market analysis forms a holistic decision-making model. This link means that all business decisions are financially based and linked to company objectives. The accounting information verifies the internal circumstances that have been generated in the SWOT analyses, quantifies relationships of the Business Model Canvas and environmental analysis by turning market trends into financial consequences (Cui et al., 2024; Hidayati & Djazuli, 2014; Rahab, 2012). For CV. According to Sikamali Bali Makassar, integration translates into the use of financial statements as more than just a record-keeping tool but as a tool for management control. The model can be used to illustrate the mechanism by which accounting information facilitates strategic planning, increases decisionmaking accuracy, and heightens organizational responsiveness in responding to business changes. 4. RESULTS AND DISCUSSION 4.1 Overview of CV. Sikamali Bali Makassar’s Business Context CV. Sikamali Bali Makassar (SBM) is a micro-small enterprise that was founded in 2011, consisting of three interconnected businesses: a furniture maker, funeral services, and transportation. What we specialize in Ethnic based design inspired by the Torajanese cultural heritage, custom-made woodworks, and ceremonial services with excellent craftsmanship. Description However, despite the fact of being well differentiated in its products and possessing a credible client base, the company's accounting and financial management are still informal (or manual), based above all on notebooks and receipts issued during transactions. This narrow standpoint of view narrows the owner’s perspective on profitability, cost reviews, and planning for future investments systematically. By incorporating Business Model Canvas and SWOT analysis into the current context of OCA/SOC, this article also highlights how relevant and timely accounting information can enhance business decision-making and support competitiveness in a challenging market environment. 4.2 Role of Accounting Information in the BMCF Our analysis demonstrated that accounting information has a huge impact on nine dimensions of BMC. We now summarize how financial and non-financial data contribute to decision-making, in each dimension, from an integrated perspective. a. Customer Segments Accounting data enables the firm to identify profit-driven customer segments. Currently, CV. Sikamali uses instincts and not numbers to zero in on high-worth customers. By recording basic accounting information, managers can figure out whether more business (i.e., funeral services sold versus furniture sold) is driving revenue and thus marketing and pricing strategies. b. Value Proposition The company focuses on the value proposition of personalized, authentically grounded furniture and complete funeral services. This is accounted for with costs and benefits associated with each product category. For example, through the analysis of materials cost, labor hours, and sales, management will be able to determine which products bring higher returns and allocate resources accordingly – directing investment towards profitable divisions. Copyright © ISRG Publishers. All Rights Reserved. DOI: 10.5281/zenodo.17403043 43 c. Channels Cost-effectiveness of distribution and promotional channels can be measured in the form of financial records. Today's word of mouth and social media marketing could then be scaled based on financial analysis that identified CAC (cost per acquisition) and CR (conversion rate). Digital accounting software might connect marketing expenditure with real sales outcomes, and thus better support cross-channel investment choices. d. Customer Relationships Accounting information can support improved indirect measures for customer lifetime value (CLV), payment performance, and service satisfaction--all based on analysis of transaction documentation. For CV. Similarly, for Sikamali, the adoption of digital payment technologies such as QRIS or mobile banking would bring them into the modern era and give valuable transactional data to assess customer loyalty and retention. e. Revenue Streams Recording keeping is needed for knowing how your money is made and spread around. There are currently three streams of income--furniture sales, funerary services, and transport fees yet without financial categorization, it is difficult to tell which activity is the most profitable. Through having organized income statements by segment, management can determine where they should grow or alter pricing strategies. f. Key Resources From an accounting point of view, important resources are financial resources, skilled employees, and inventory assets. The accurate recording and calculating of your assets' depreciation will help you to make decisions regarding replacement and investing. This is how accounting information changes the practice of expending resources from ad hoc to being data-informed. g. Key Activities Accounting procedures aid in the measurement of production and service operations. Cost accounting techniques -such as standard costing or job order costing--may be used to monitor costs for each project or order. This facilitates labor performance, productivity, and pricing accuracy management. h. Key Partnerships Reliable records and financial data create credibility for external relationships like those with suppliers, banks, or the government. Transparent accounting enables CV. Sikamali targeting sanitasi and kesegaran assistance services at the capaian spesifik donors could allow for KUR or kerja sama koperasi (KSP) since it requires a financial statement as one of the conditions to obtain assistance. i. Cost Structure Cost management is one of the most obvious uses for accounting information. At present, the firm does not have any details on variable and fixed costs, so that breakeven points cannot be calculated for different levels of activity, nor can efficiencies be achieved. Therefore, through cost classification and variance analysis, management can determine where waste exists and where profits may be enhanced. 4.3 SWOT analysis derived from accounting insights. Table 6: Summary of Conclusion/Result (SWOT analysis based on accounting insight) Strength Contents Quality makeup or Personal skill & ability Strong Financial background enabling sourcing of money Weak Low quality product opportunities to be radical Opportunities Finance Risk but have niche Marketing full focus FD, CSO and Accountant Threats ICT fear that there data may leak during system option FD Full focus mode traditional Clustero Option intense marketing intensiveness. Strengths (S) Weaknesses (W) Strong cultural brand identity (Torajanese design). Manual financial recording without digital systems. Loyal customer base and repeat orders. Lack of accounting literacy and financial reporting. Skilled craftsmen and customized production. Ineffective cost control and budgeting. Diversified product and service lines. Limited capital and inability to access credit due to incomplete financial records. Opportunities (O) Threats (T) Expansion to digital marketplaces (e-commerce). Increasing competition from mass-produced furniture. Government programs supporting MSME digitalization and access to financing. Rising raw material costs are affecting profit margins. Strategic Implication: The combination of accounting information can turn weaknesses (manual books, financial illiteracy) into opportunities for them (digitalization and access to finance). Such as bringing an accounting app integrated on the point of sale system, such as from Jurnal. Id or Accurate Lite can provide cost, reporting, and relationship benefits at the same time. 4.4 Accounting Information as an Aid to Decision Making According to the interviews in business, decisions about purchasing raw material, pricing, and expansion were made based on intuition. These decisions would be better informed with structured accounting data: Pricing Decisions With cost accounting, the company can determine markup percentages and maintain a precise account of make costs. This would disallow underpricing, a phenomenon observed among many MSMEs looking to stay competitive. Budgeting and Planning Short-term and long-range planning is simplified by accounting reports. Budget variance analysis might identify spending variances and enhance financial control. Performance Evaluation Monthly income statements and cash flow reports help monitor the profitability of product lines so that management can concentrate its attention on those product lines that are profitable and close down or sell off those that are not. Investment Decisions Copyright © ISRG Publishers. All Rights Reserved. DOI: 10.5281/zenodo.17403043 44 Accounting data helps facilitate decisions to expand workshop capacity, purchase new technology, or move into other areas of service provision via forward financial projections. 4.5 Integrating Accounting and Strategy Models This study indicates that BMC connected with SWOT analysis and accounting information is a comprehensive tool for strategic management in MSMEs. Accounting information provides the quantitative foundation for the qualitative strategic model and organizes decisions according to market realities. For CV. Sikamali Bali Makassar, the most recommended strategic recommendations are the transformation of accounting and financial processes into digital to be more transparent, competitive, and sustainable. Managerial capacity can also be strengthened by training in financial literacy and partnerships (e.g., with accounting firms or local universities). The results point out the fact that accounting information has three primary roles in the strategic management of MSMEs: Diagnosing Purpose: Identifies internal strengths and weaknesses based on the financial indicators. Decision Support Role: Ensure that pricing, budgeting, or investing-based information. Strategic Fit Function: Connects financial results with customer value and market position thanks to the Business Model Canvas. Through universal acceptance of rudimentary and technologybased accounting devices, MSMEs such as CV. Sikamali could then shift from reacting to anticipating, building long-term resilience and competitive advantage. 5. CONCLUSION This paper highlights the importance of accounting information as a cornerstone for decision-making and strategizing in MSMEs. Using CV. Sikmamali Bali Makassar as a study merging SWOT, business model canvas, strategic environmental analysis, and market potential mapping to gain a more holistic view to integrate financial information into business strategy. The findings reveal that CV. Sikamali’s competitive edge is Torajanese culture's unique product, a good craftsman, and various services. Yet its ability to expand is shackled by manual money recording, poor accounting knowledge, and shoddy cost controls. By implementing an Accounting Information System (AIS), these weaknesses can be turned into strategic strengths by having better quality data, controlling the costs, and increasing financial transparency of the company. With a Business Model Canvas, the accounting information helps to better comprehend all business parts, i.e., from cost structure to revenue streams, decisions can be more objective and quantifiably made. The SWOT and strategic environment analyses follow to harmonize internal resources with external opportunities, such as digitalization campaigns, government MSME programs, and new online businesses. The mapping of market potential also in addition, assists with managerial decision making and helps in the determination of which customer segments are profitable and how available resources can be concentrated. The study offers an Integrated Strategic Model with accounting information traversing diagnostic, structural, environmental, and market levels before feeding into strategic decision-making. This feedback loop repeats, which enables the company to revise its strategy in light of updated financial performance and environmental change. At the end of the day, the model delivers Data-Inspired Decisions, Financial Health, and Business Agility for better outcomes. For CV. Siksa Bali Makassar) Using this framework-based approach in integrated accounting provides a roadmap for the practice to professionalize management, increase competitiveness, and longrun sustainable growth in a rapidly changing digital world. Recommendations for Practice and Policy 1) Digitization of Accounting Systems. MSMEs need to implement basic accounting software that will ensure the reliability and accuracy of reporting to ease loan applications. 2) Capacity Development: Training among owners and employees is necessary to understand the accounting data of the firm. 3) Strategic tools integration. Accounting reports must feed SWOT and BM reviews frequently to align with financial strategy. 4) Government Support: The policies should encourage digital accounting through education and subsidized technology facilities for MSMEs. 5) Research Implications: Additional research can test this model in other MSME sectors and preand postperformance differences after implementing the accounting system. Copyright © ISRG Publishers. All Rights Reserved. DOI: 10.5281/zenodo.17403043 45 REFERENCES 1. Akbari, Z., Imani, B., Pourramzan, E., Choobchian, S., Siamian, N., Sklenička, P., Janečková, K., Witlox, F., & Azadi, H. (2025). How to protect productive lands to ensure food security: The case of Northern Iran. Land Use Policy, 158. https://doi.org/10.1016/j.landusepol.2025.107685 2. Andersén, J. (2021). A relational natural-resource-based view on product innovation: The influence of green product innovation and green suppliers on differentiation advantage in small manufacturing firms. Technovation, 104. https://doi.org/10.1016/j.technovation.2021.102254 3. Ariadi, S., & Sudarso, S. (2020). Pengembangan Badan Usaha Milik Desa (BUMDes) di Jawa Timur. Jurnal Sosiologi Dialektika, 13(2), 169. https://doi.org/10.20473/jsd.v13i2.2018.169-182 4. Badan Pusat Statistik Indonesia. (2020). STATISTIK INDONESIA 2023 Statistical Yearbook of Indonesia 2023. Statistik Indonesia 2020, 1101001, 790. https://www.bps.go.id/publication/2020/04/29/e9011b31 55d45d70823c141f/statistik-indonesia-2020.html 5. Cosenz, F., Rodrigues, V. P., & Rosati, F. (2020). Dynamic business modeling for sustainability: Exploring a system dynamics perspective to develop sustainable business models. Business Strategy and the Environment, 29(2), 651–664. https://doi.org/10.1002/BSE.2395 6. Cui, D., Cheng, L., & You, J. (2024). Financing constraints and patent investment in small and mediumsized enterprises: A family entrepreneurial perspective. Finance Research Letters, 63. https://doi.org/10.1016/j.frl.2024.105318 7. Hidayati, S. A., & Djazuli, A. (2014). Behavioural Finance and Its Impact on Corporate Performance ( Study on Small and Medium Enterprises in Lombok Island ). 3(5), 18–25. 8. Iyan, Asriansyah S Mawung, B. M. (2020). Strategi Pengembangan Badan Usaha Milik Desa (BUMDes) Sumber Mulia di Desa Purwareja Kabupaten Lamandau. Journal of Environment and Management, Vol. 1 No. 2 (2020): Journal of Environment and Management, 103– 111. https://ejournal.upr.ac.id/index.php/jem/article/view/1745/1599 9. Lefebvre, V. (2023). Human resources slack and profitability: SMEs, large firms, and the role of business group affiliation. Eurasian Business Review, 13(3), 611– 637. https://doi.org/10.1007/S40821-023-00240-9 10. Lingyan, M., Qamruzzaman, M., & Adow, A. H. E. (2021). Technological adaptation and open innovation in SMEs: A strategic assessment for women-owned SMEs' sustainability in Bangladesh. Sustainability (Switzerland), 13(5), 1–23. https://doi.org/10.3390/SU13052942 11. Myovella, G., Karacuka, M., & Haucap, J. (2020). Digitalization and economic growth: A comparative analysis of Sub-Saharan Africa and OECD economies. Telecommunications Policy, 44(2). https://doi.org/10.1016/j.telpol.2019.101856 12. Rahab. (2012). Innovativeness Model Of Small And Medium Enterprises Based On Market Orientation and Learning Orientation: Testing the Moderating Effect Of Business Operation Mode. Procedia Economics and Finance, 4(Icsmed), 97–109. https://doi.org/10.1016/s2212-5671(12)00325-5 13. Salikin, N., & Wahab, A. (2014). Strengths and Weaknesses among Malaysian SMEs : Financial Management Perspectives. Procedia - Social and Behavioral Sciences, 129, 334–340. https://doi.org/10.1016/j.sbspro.2014.03.685 14. Tajuddin, I., Mahmud, A., & Syahnur, M. H. (2023). Determinants of Strategic Factors for Digital Transformation in Micro and Small Enterprises in Makassar City. Signifikan: Jurnal Ilmu Ekonomi, 12(1), 131–144. https://doi.org/10.15408/sjie.v12i1.31070 15. Utama, I. wayan R. N. L. P. W. N. N. K. Y. M. suyana. (2017). Bunga Rampai Strategi Pemberdayaan UMKM BALI. Udayana University Press. 16. Utara, B. T. (2024). Kabupaten Toraja Utara dalam Angka. 17, 302.