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It is important to have a goal for what you want your business to achieve. A mission statement can be used to determine this as it sets out the broad objectives of your business.

Developing a sound mission for the business will communicate its purpose to consumers, employees and the market (including finance providers, investors and competitors). A mission statement is generally only five or six lines long and sets out what is unique about your business.

A mission statement defines the following:

• What does your business sell? - Incorporating what is special or unique about your product or service.

• Who are the business stakeholders? - That is, who is impacted by the operational success of the business (customers, investors, employees, etc).

• What distinguishes your business from others in the marketplace? - This involves defining your competitive advantage in the market.

• What benefits are provided to customers? - This includes meeting consumer needs and providing solutions to demands.

• What are the broad principles that your business will practice to ensure customer satisfaction? - Your business standards and ethics including quality, competitiveness, flexibility, etc.