An example of a business' mission statement is "To inspire and nurture the human spirit - one person, one cup and one neighborhood at a time." As of 2015, that phrase is Starbuck's mission statement and defines the organization's reasons for operation and its primary customers.
At its most basic form, a mission statement is used by a company to explain the reason for its existence. An acceptable mission statement should outline the products and services that are produced, the geographical location of operation and the business' primary customer. A company's mission statement is typically used for internal communications with its employees rather than for its customers.
A mission statement should also be periodically revised to ensure that it stays accurate to the company's status as it adapts to changes in the market and economy. When revisions are made to a mission statement, it is important that everyone in the company is notified of the change. Changes in a company's mission statement generally indicate that the business is growing.
A mission statement should be short, but precise. A good mission statement is rarely over one sentence long. The mission statement should cover the essence of the company's goals and philosophies.