Innovation has been nowadays the heart of any business success in the world. Most of the entrepreneurs are focusing on the new ideas that can improve the competitive strategy in their business. The business owners benefit association (BOBA) is one of the organizations that helps its members to deduce cost and control the risk that is preventing the innovation of small businesses (Business Wire, 2015). It was found 2007 when the economy was a crisis. In the united states, BOBA deals with the different innovative strategies that can improve the small businesses in the united states. The man operation strategy of BOBA is that for the success of the small businesses to be achieved, there must be the same buying power just like the large organization (Business Wire, 2015). BOBA perceives that there is a high contribution of the US economy by the small businesses. It therefore globally invests on the innovative ways in which these small businesses can improve so as to develop the global economy, especially in the US.
Any business cannot operate in a vacuum. It must have a geographical location which is composed of different factors that can affect its success. The innovation and strategy development is affected by the geographical location of the business including the communities surrounding the business. The customers’ preferences and taste mainly affect the innovations that BOBA uses to its clients. Therefore, the keen understanding of the consumers will help the organization strategize those strategies that match the needs of the people (Stevenson, & Hojati, 2007). In most cases, BOBA tries to reduce those costs associated with production in order to make the prices of the products as low as possible. However, prices may not be equal to all the geographical areas provided that the consumers can’t be of the same financial status. Geographical location affects the small business in terms of the type of the business to be located and also the growth of the business. BOBA helps such businesses by providing them with advice that makes them flourish. This is done mainly by giving them insurances advice as well as helping them reduce costs from their sources.
Implementation of business ideas or strategy is very important. The wide view of an innovation is based on the research in the business environment before implementation is done Drucker, P. (2013). However, before any attempt to implement, there is the need to conduct a research to get the geographical location, consumers perspectives among others. Innovation as the building block of any business can either fail or success if only there is no efficient research is not done prior its implementation. Research is important since it gives way to the viable “big ideas” to be evaluated to measure their visibility. Implementation of any innovation needs a research that can effectively have an insight of the people and the processes that are involved in the business (Brands, 2015). Research is also important since it provides some of the key aspects including the nature of the business, its operations and the level of technologies that can be implemented. BOBA conducts the research on the implementation of innovation to ensure that the owners understand the specific requirements, how to reduce risks through insurance and costs. Understanding the regulations and the compliance issues that are facing each industry is very important before innovation strategy implementation. Through research, BOBA helps business owners to make them understand what they need and the various issues that are facing them. Providing competitive price packages is also achieved through research before implementation. BOBA evaluates the needs of business owners, and spots some of the core risks. It also makes it clear the present costs as well as future costs and how to reduce them.
- Business Wire. (2015). Business Owners Benefits Association (BOBA) Co-Owners, Eric W. Barton, and John Ballinger Announce Launch of Expanded Member Services and Infrastructure. http://www.businesswire.com/news/home/20151117005552/en/Business-Owners-Benefits-Association-BOBA-Co-Owners-Eric
- Stevenson, W. J., & Hojati, M. (2007). Operations management (Vol. 8). Boston: McGraw-Hill/Irwin.
- Drucker, P. (2013). Strategic Innovation for Business Performance: The Art and Science of Transformation. Retrieved from https://timreview.ca/article/722
- Brands, R. (2015). The Key to Successful Innovation Is Proper Implementation. Retrieved from https://chiefexecutive.net/the-key-to-successful-innovation-is-proper-implementation/