G7 Assignment Finnancial by Fatin Shazwani Binti Ismail H22A0323

Week 5

2024-05-16 13:48:31 UTC

In week 5, we have discussed about the group assignment and we were instructed to make a group. Each group should have 10 members. This is our team members :

Emylia Shafieda binti Othman (H22A0889)
Tasnim Hakim bin Zulkipli (H22B0013)
Azinajwa binti Azmi (H22A0100)
Fatin Shazwani binti Ismail (H22A0323)
Siti Norazlina (H22B0018)
Norfatihah binti Abdul Halim (H22A0832)
Haidah Shazwani binti Mohd Hashim (H22A0134)
Siti Nur Fada'il binti Ghazali (H22A1083)
Muhamad Fauzan bin Kamarudin (H22B0033)
Nur Najihah binti Sapri (H22A0229)

Week 6

2024-05-21 14:37:22 UTC

We decided to meet each other face to face because when we fill name in the group list, we don't know each other face, so when we meet, we can know each other's face. In our first meeting is about to decide who we can interview, where there we can interview and when. So, we decided to interview one of the nasi lemak stall in Pengkalan Chepa. The owner of the nasi lemak stall is Puan Zakiah. The location her stall is near the Pizza Hut. Apart from selling nasi lemak, she also sells 'kuih'. The price of the nasi lemak sold is RM6.

WEEK 7

h22a0100 — 2024-05-21 16:22:49 UTC

For the first time, a few members going to the Nasi Lemak stall to interview the owner, Puan Zakiah. The leader and two other members go there in the morning when operating time. They are asking the question that lecturer provided to ask. The question related about her financial for doing this business. The example of question was what steps owner have taken to improve financial literacy in her company. They record all of what the owner answers the question.

Week 9

muhdfauzan2621 — 2024-05-28 10:29:12 UTC

This week, we met again with stall owners to give advice related to financial management. Some of the advice we give is

1. Importance of Financial Management: For example, small business owners can understand how uncontrolled expenses can affect their cash flow and profitability.

2. Record Keeping: For example, small business owners can be taught to keep daily records of sales, expenses, and accounts receivable/payable. This will help them track their financial situation and make better business decisions.

3. Financial Statements: For example, small business owners can be taught how to create and read profit and loss statements, balance sheets and cash flow statements. This will help them understand their company's financial performance and plan future business strategies.

4. Financial Planning: For example, small business owners can be taught how to budget, manage cash flow, and plan for the future, such as retirement or business expansion.

5.Tax Planning: Small business owners can be exposed to the importance of tax planning and how it can affect their business. For example, they can be taught about the types of taxes that need to be paid, how to calculate taxes, and when taxes need to be paid. They can also be told about the tax deductions they can claim to reduce their tax liability.

Week8

2024-05-29 01:18:14 UTC

In this week we have shared financial knowledge with Nasi lemak daun . Preparation of Financial Records Record Book,Prepare a record book or use a spreadsheet to record all daily transactions, including sales and expenses. This includes raw materials, operating costs, and other expenses. Example Notes, Daily Income: Selling nasi lemak RM150, selling drinks RM50, total RM200. Daily Expenses,Rice RM20, coconut milk RM10, anchovies RM5, other RM15, total RM50. Net Profit: RM200 - RM50 = RM150. Pricing and Cost Management Calculate Cost Per Unit, Calculate the cost of each raw material used to produce one pack of nasi lemak. For example, if the cost of raw materials for a pack of nasi lemak is RM2, aunt needs to set a selling price that provides profit. Selling Price, Set a selling price that is competitive but able to provide sufficient profit margin. For example, if the cost is RM2, the selling price can be set at RM4, with a profit of RM2 per pack. Cash Flow Management Bank Account,Open a dedicated bank account for the business so cash flow is easy to monitor. This helps in separating business and personal money. Emergency Savings, Save some money as an emergency fund to face unexpected situations. Use of Technology Financial Management Applications,Use applications such as Wave or QuickBooks to record sales and expenses electronically. This facilitates financial tracking and analysis. Point of Sale (POS), If possible, use a POS system to automatically record transactions and generate sales reports. Promotion and Marketing Social Media,Take advantage of platforms like Facebook, Instagram, and WhatsApp to promote the business. Post pictures of nasi lemak, customer testimonials, and special promotions. Promotional Strategy,Offer promotions such as "buy 5 get 1 free" or discounts at certain times to attract more customers. Debt and Supplier Management Timely Payments,Ensure all payments to suppliers are made on time to maintain good relationships and possibly get discounts in the future. Bulk Purchase, Buy raw materials in larger quantities to get cheaper prices. Training and Education Business Courses,Join a basic financial or small business management course organized by a government agency or NGO to improve knowledge in business management. Mentor, Get advice from experienced entrepreneurs who can provide guidance in managing finances and business. Conclusion By applying the steps above, aunt can manage the finances of her nasi lemak business more effectively. Systematic record management, accurate pricing, use of technology, effective marketing strategies, and ongoing education are key to ensuring this business thrives. Also, opening a dedicated bank account and keeping an emergency fund will help ensure a stable cash flow and preparation for any emergency situation. With good management, mak cik's nasi lemak business can not only survive, but also grow better in the future.