7. CEOs Should Know Their Firms' Mission Statements from Memory

A company's mission statement should be simple and straightforward enough that the CEO and other members of the senior leadership team can recite it from memory, Russell said.

"If you don't know your mission statement, your people don't either," Russell said.

The mission statement should be introduced during the interview process, Russell said, and employees should be held accountable to it as part of their annual performance reviews.

Russell said businesses should be asking their staff, 'How well did you live out our company cultural cornerstones?'