It is possible for purpose and profit to coexist, but there must be intention. The Business Roundtable, a group of almost 200 CEOs of the largest U.S. corporations, recently issued a statement that fundamentally redefined the purpose of a corporation. It suggests that a new social contract is being struck between corporations and society.
“for the benefit of all stakeholders—customers, employees, suppliers, communities and shareholders” versus “creating shareholder value and maximizing profits”
Source: SmartBrief, August 26, 2019. Link. Aliana Love shares key questions in these areas for leadership teams and Boards to ponder as they work to embody this new direction:
- Governance
- Customers
- Employees
- Community
- Suppliers
INSIGHTS: Intention is a keyword in this article. Regardless of a company’s size, intention is useless without action. At the same time, actions in the absence of strategy results in waste. Consider the five areas above in your business, division, branch or territory. Then determine three things to strategically act upon. Fortunately, many animal health businesses are already on board with the stakeholder concept.