Business values as a strategic resource in indigenous black South African family businesses

Abstract

Purpose: To identify the business values underlying the strategic decisions of indigenous black South African (IBSA) family businesses and to explore a possible relationship between these values and business outcomes.Design/methodology/approach: The study adopted a qualitative methodological approach and utilised seven IBSA family business cases. Data were collected from 17 selected participants using semi-structured interviews. The reflexive thematic analysis method was used to analyse the data transcripts.Findings/results: Ten business values were identified as underlying the strategic decisions of IBSA family businesses, namely customer focus, innovation and creativity, business traditions, continuous learning, employee empowerment and development, open communication, business sustainability, teamwork, partnerships and business reputation. These values are considered a strategic resource because they influence the strategic business decisions made and ultimately contribute to the business outcomes and long-term survival of the family business.Practical implications: The study provides insights into the relationship between business values, strategic decisions and business outcomes in the context of IBSA family businesses. Therefore, family business owners and leaders should ensure that behaviours, actions and strategic decisions are aligned to their business values so that these values can serve as the strategic resource that scholars claim they are.Originality/value: While several studies on values have been conducted in European or Western contexts, this study provides insights into the possible relationship between business values, strategic decisions and business outcomes from an indigenous African family business perspective.