- It is critical to define a larger overarching societal purpose of the organization beyond creating shareholder value, and it is even more critical to walk the talk. Society no longer tolerates hollow promises.
- It is important for the CEO to inspire and align employees to a set of defined values that encompass, for example, principles of trusteeship and ethical conduct, and to have a zero-tolerance policy on willful violations that lead to a loss of corporate reputation.
- Business leaders should encourage and reward innovation within their companies that spurs business models that not only deliver economic value but larger societal value as well. (ITC's e-Choupals became a reality as the leadership displayed faith and encouraged the innovation through larger investments and commitment despite the model being untested.)
- The company should try to do social good not just by philanthropy but by forming partnerships with the national and regional governments and local communities that "co-create" local community assets.
- Companies should involve the consumer in supporting sustainable business practices by creating unique value propositions that enrich the consumer experience. The fact that a portion of the proceeds from the sales of ITC's school notebooks and stationery were contributed to rural education helped make them a market leader.
Taken from the Harvard Business Review