47 Chapter IV – Findings: Business Solutions This chapter consists of four main sections, each designed to comprehensively address the research objectives and provide actionable insights for PT. Growth Investment. The first section provides a detailed external and internal analysis, focusing on the contextual and transactional environments as well as the organization’s capabilities. The external analysis, based on PESTLE, explores the political, economic, social, technological, legal, and environmental factors shaping the market, and internal analysis, based on and SWOT and VRIO frameworks. Contextual and transactional environments are evaluated to understand how external pressures, such as regulatory policies, market dynamics, and technological disruptions, impacting PT. Growth Investment business policies. The internal assessment of a company centers on its organizational capabilities, such as operational efficiency, employee expertise, and innovation potential. The combination of this analysis serves as a basis for matching internal PT. Growth Investment capabilities with the external market opportunities including threats by leveraging the strengths and capabilities. The second part focuses on organizational data analysis, including synthesis of insights from stakeholder interviews. Interviews with clients, foundation presidents, partners, and internal team members provided various viewpoints on challenges and opportunities in the market. Stakeholder feedback helps to inform stakeholders about the willingness to enter new markets, product demand trends, and operational constraints. Co-constructing meaning by coding and grouping interview responses can bring out themes that emerge across the responses, helping ensure that the analysis centres the collective wisdom of those who were directly involved or affected. Regulatory feedback, for instance, can expose compliance challenges, while client input can address product development mechanisms. It also provides information about the 48 validation of stakeholder input by comparing both secondary data and stakeholder input to ensure the reliability and robustness of the insights gathered. The third part focuses on scenario development and business solutions, providing a more in- depth understanding of the scenario planning process. This section describes the methodological process of developing the scenario which includes identifying critical uncertainties, driving forces, and validating the narrative through focus group discussion (FGD). The four scenarios are intended to embody potential future external elements of the environment, each with distinct implications for PT. Growth Investments. Including high market growth and technological innovation as well as a more stringent regulatory environment, for example. Each scenario comes with a narrative that explains possible challenges, opportunities, and actionable pathways tailored to potential futures. These scenarios were refined through FGD sessions in which stakeholders helped ensure scenarios were grounded in practical reality and insights. This iterative process connects theoretical scenario planning with practical execution, enhancing its applicability and strategic value. The last part gives PT Growth Investments recommendations for more feasible business opportunities in accordance with the follow-up action plan. An actionable roadmap to navigate uncertainty and leverage opportunities identified in earlier analysis and scenarios. Recommendations might provide market entry strategies for selected ASEAN markets, investment on technological innovation to enhance service offerings, or partnerships for risk- sharing. It presents a systematic plan for action, including procedures, timeframes, resource distributions, and milestones for measure. The outline of the plan guarantees that all proposed approaches are not just theoretical but practical and achievable. This analysis provides 49 recommendations that leverage both internal capabilities and external market insights to position PT. Growth Investment as a responsive and forward-looking entity in the dynamic financial sector. Together, these sections form a cohesive narrative that systematically addresses the research objectives. The external and internal analyses provide a foundation for understanding the current landscape, while stakeholder data enriches the contextual understanding. Scenario development and business solutions offer a forward-looking perspective, and the final recommendations translate strategic insights into tangible actions. This comprehensive approach ensures that PT. Growth Investment is well-equipped to navigate uncertainties, seize new business opportunities, and achieve sustainable growth in an increasingly dynamic market. IV.1 Internal and External Analysis IV.1.1 Internal Analysis Internal readiness related to competence development of new technologies and leadership team to anticipate new capabilities is an important factor. Business analysis for PT. Growth Investment through 5 Forces Porter as the following: 1. Threat of New Entrants. The threat of new entrants in the Indonesian investment industry is moderate. One of the significant barriers to entry is the expertise and reputation required to gain trust in the industry. Established players, including PT. Growth Investment, has developed long-standing relationships with its clients, built on a track record of successful consulting services and investment management. New entrants often struggle to replicate this level of trust and experience, which gives established firms a competitive 50 edge. On the other hand, the regulatory environment does not impose strict restrictions on entering the investment consulting market, making it relatively easier for new players to start their operations. However, when it comes to scaling and going head-to- head with existing players they are still challenged by the resources, trust and client networks that existing companies maintain. Also, the things that are technical have brought down some of the entry barrier, as new entrants can use innovative platforms to offer data analysis and financial consulting to lower fees. This underscores the importance for PT. Growth Investment to remain innovative and ensure a separable offering to avoid risk of becoming a commodity. 2. Bargaining Power of Suppliers. Suppliers refer to data providers, which could be broad financial data platforms, regulatory data providers, or software providing insights or working data. The bargaining power of suppliers to PT. Growth Investment is moderate, due to a wide range of financial data is publicly available, e.g. market indices, stock price and company report. But gathering and integrating these data into something actionable takes advanced technology and data platforms. While a few alternative data vendors such as Bloomberg or Refinitiv combine all financial data into financial data solution (Data Hub), their services approximate the cost of the solution and give investment advisors limited choice. Moreover, some suppliers have proprietary data sets or tools that provide companies with a competitive advantage and further enhance their pricing power. >This can also open an opportunity to explore models where data can be both bought from third party providers and attracts cost-efficient access to quality raw data without increasing the dependence on third-party providers. 51 3. Bargaining Power of Buyers. The bargaining power of buyers in Indonesia investment consulting industry is moderate. In these fields, banks, insurance companies, and pension funds, customers are often well-informed, and demand tailored solutions. The availability of substitute services and customers' price sensitivity affect their bargaining power. While the investment advisory services are an important "expertise", the clients are extremely price sensitive to additional fees charged beyond that of trading and management fees. To mitigate buyer power PT. Growth Investment can provide greater value addition compared to other indirect and direct competitors in the industry. E.g. the ability to provide predictive analysis, tailored investment strategies, or technology driven insights. One way to do this is by maintaining relationships with clients by ensuring that performance remains consistent and effective in showing results. The dynamic nature of these industries demands companies to constantly adapt, innovate, and improve their services to meet the evolving needs of their clients, while also becoming more aware of the increasing client demand for transparency and value for money. 4. The Threat of Substitute Products. Threat of substitute products for PT. Growth Investment is Moderate. Direct alternatives to investment consultants' specific value proposition are few. While sophisticated solutions like Bloomberg Terminal or Refinitiv Eikon are available, they come at a respective cost as they provide extensive and profound aspects of the financial stats and analytics. If you're a part of a mega-corp, you might be interested in one of these services that help you with bigger issues that require dedicated methodological support, but smaller clients or those that care about cost, may be better suited to finding the human touch with a consultancy like PT. Growth Investments. And actually, a threat for traditional advisory services because fintech innovation drive automated investing 52 tools and robo-advisors which provide a low-cost alternative. But these substitutions are used at a shallow level and may lack the knowledge and insight that an expert can provide. This threat can be countered by PT. Growth Investment by leveraging technology on its existing service delivery and developing hybrid solutions that combine human judgment with sophisticated analytics. 5. Rivalry among existing players. Competitive competition in the investment consulting sector in Indonesia is quite high. Many players compete for a relatively small client pool, especially among price sensitive customers. Many companies differentiate themselves on price leading to cut- throat competition helping drive down the profits. This is particularly challenging for firms that rely heavily on their team’s expertise and experience, which come at a higher operational cost. PT. Growth Investment must focus on differentiating itself from competitors by leveraging its unique strengths, such as specialized knowledge, industry connections, and a proven track record of delivering results. Additionally, investing in branding and building long term relationships with clients can help reduce price sensitivity and foster loyalty. The firm should also consider expanding its services into niche areas or underserved markets to reduce direct competition and increase profitability. IV.1.2 Contextual Environment – External Analysis The contextual environment refers an external factor that is currently happening and affecting the Investment industry, however, this driving force is not completely within PT. Grow Investment’s control and ability to change the landscape or trends in the future. The researcher will explain 6 contextual aspects based on Political, Economic, Social, Technological, Legal, and Environmental aspect. 53 Political Environment The power play that is unfolding is closely linked to the transformation of Indonesia's political stage, particularly considering the ongoing transition of power to Prabowo Subianto. Prabowo, a longtime hardliner who has been previously praised for his conservative views, is seeking to offer both stability and transformation to Indonesia's political and economic landscape. His policies masterfully entwine the pursuit of robust diplomatic ties with global hegemons, coupled with gravitating toward economic self-sufficiency at home. His economic policies are likely to be built on President Joko Widodo’s legacy, especially the downstream processing of Indonesia’s natural resources.