Answer:
1. Companies can benefit from having a mission statement. First, it outlines a company's goals and position in the industry for its customers, competitors, and other stakeholders. It also helps the organization focus and stay on track to make the right decisions about its future.
Furthermore, the mission statement helps clarify a company's purpose. With a mission statement, a company's customers and investors can rest assured that the company is fully committed to achieving its goals and maintaining its values. It is also useful to guide and motivate employees, keeping them in line with the company's values.
Last, a mission statement adds validity to an organization. From the outside looking in, a mission statement demonstrates that a company has considered the big picture and the major goals it wants to accomplish. It demonstrates thoughtful leadership, reputability, and inspiration to potential investors, employees, or donors.
There are drawbacks to having a mission statement. Mission statements may sometimes be very lofty and far too unrealistic, which can distract employees from the company's goals. Management may become too distracted with high-level targets that shorter-term, necessary steps to get there become neglected.