Exploring the importance of corporate strategy for businesses in Vhembe Municipality during the post-pandemic period

Abstract

COVID-19 had a significant impact on how businesses operate. The pandemic was marked by a shift on how businesses operated, challenging strategists to rethink and redesign how they operate. It is within this context that this study focused on investigating the importance of corporate strategy for businesses Vhembe Municipality during the post-pandemic period. The study follows a qualitative research approach and is guided by the phenomenological research design. The study also followed the constructivism paradigm. Data was collected from 10 purposively sampled businesses in Vhembe District, using audio recorders and a structured interview guide. The collected data were analysed using thematic content analysis. The findings showed that the Importance of corporate strategy for businesses in the post-pandemic period in Vhembe District Municipality lies in business resilience, financial stability, competitive advantage, enhanced innovation and adaptation, improved customer relations and trust, and long-term growth and sustainability. It was revealed that the factors influencing corporate strategy in the post-pandemic period amongst businesses in Vhembe District Municipality include shifts in market demand, financial constraints, advances in technology, government regulations and policies, disruptions in the supply chain, dynamics in the workforce, and competitive pressures. Furthermore, the study confirmed the challenges businesses face in formulating corporate strategy in the post-pandemic period in Vhembe District Municipality, including financial constraints, uncertainty in the business environment, limited skills and expertise, gaps in technology, and resistance to change.