What: The mission statement describes what a company currently does, how it does it, who it serves and why.
Why: The mission statement guides a company’s trajectory through its history by serving as a compass for decision-making.
How: A company’s mission statement succinctly describes the purpose of its existence, the market(s) it serves (target customers), its offerings (products, services) and what makes it stand out from competitors (differentiation, reasons to purchase).
Conclusion: The mission statement provides companies with the focus needed to become resilient and sustainable. Without one, companies are likely to bounce aimlessly from one business opportunity to another.