A mission statement is the foundation of a company and should be developed before a business ever accepts a transaction. Related: 11 Effective Marketing Strategies to Help Streamline Your StartupWhy a mission statement mattersAt its core, a mission statement explains why your company exists. A good mission statement is:Clear and conciseActionable and achievableAligned with your company's five-year planIt doesn't just inspire; it directs. How to write a mission statementWriting a mission statement isn't about sounding impressive. Related: How to Write An Unforgettable Company Mission StatementSet your direction before you hit "go"A mission statement does more than clarify your purpose — it drives focus, builds culture, and attracts support.