MSMEs Financial Management during the Pandemic

Abstract

The Covid-19 pandemic has disrupted supply chain businesses, forcing many companies, especially small and medium enterprises (MSMEs), and individuals to face enormous pressures in terms of lack of capital (Guo et al., 2020). MSMEs need to be considered in the midst of the Covid-19 pandemic like this so that they can survive in declining financial conditions. Assessment of financial performance for MSMEs is very important to do, this is used to measure and evaluate so that an overview of MSMEs financial conditions is obtained as a whole. (Sasmita, Ikhwan, Suyanto, & Chongsuvivatwong, 2020). Kampoeng Rajoet Binong Jati is a MSMEs in Bandung City that is located in Binong Village, Batununggal District. The focus production are knitting. The problems faced by the craftsmen in Kampoeng Rajoet Binong Jati are that the craftsmen still have difficulty using social media in introducing and marketing their knitted products, the preparation of financial reports for their businesses is still traditional and mixed with family finances and financial management during the Covid-19 pandemic. For businessmen, especially small and medium enterprises, financial strategy is an important factor that must be considered in an effort to maintain stability and develop business in a better direction. For this reason, businessmen must strictly implement a good financial strategy in accordance with the right systems to keep the business running in the midst of this Covid-19 Pandemic.