Friday, January 13, 2017
Individuals with purpose not only make more money – they also live longer. But what about businesses? Consider the case of CVS, who in February 2014, announced that it would no longer sell cigarettes as the sale of tobacco was inconsistent with their purpose. This move cost CVS approximately $2B in annual sales yet also generated “100 million media impressions for CVS Health and revamped the way people see the brand [with] 40 percent more influencers [viewing] the brand as impactful in improving health.” Good leaders understand what CVS CEO Larry Merlo understood: A credibility gap between purpose and action will eventually kill you. So . . . What’s your purpose and are your actions consistent with it?