Innovation Practices in Property Businesses: A Family Enterprise Case Study

Abstract

Innovation is about developing new ways to improve productivity and quality of service and achieve business goals
and objectives. It is becoming critical for property enterprises to innovate and work smart to scale up and stay ahead of the
competition. This could be achieved by utilising digitalisation and Artificial Intelligence (AI) to support management activities,
streamlining investment ventures, or opening new venues for cost-effective solutions. It is becoming essential for property
SMEs to ensure that they deliver on time, meet the regulations’ requirements, and their customers’ demands, and achieve
their business goals. New innovative products or services could disrupt current property business activities and operations,
and present new challenges for SMEs. Moreover, innovation can help property businesses implement smart methods and
new, more efficient procedures in their operations and add value to their products and/or services that can lead to high
returns. This paper introduces our family business innovation framework and system, which was adapted from Kashny et al.
(2015). Our enterprise uses an innovation strategy to support the business teams in implementing the necessary tools and
systematisation and achieving strategic advantage while managing risk. This helps us deal with business management and
financial challenges, market changes, and unexpected circumstances. The lack of planning and strategy could impact the
business, generating revenues and maintaining growth. This paper presents the entrepreneurial aspects of applying
innovative solutions to property enterprises' business management and operations. It aims to introduce a real-life case study
about some of the challenges property enterprises face in general and Anzar Property Group in particular. The paper will
present ongoing entrepreneurial activities in a family-owned business that specialises in the residential property business. It
will also show the innovation process and practices applied by Anzar Property Group in its entrepreneurial business activities,
operations, and development.