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Use Exl-Plan for preparing comprehensive financial projections for 1/3/5/7 years ahead.Ideal for a business plan, strategic planning, cash flow forecasting, raising finance, budgeting and financial appraisals.
A statement along these lines indicates what the business is about and is infinitely clearer than saying, for instance, "we're in electronics" or worse still, "we are in business to make money" (assuming that the business is not a mint ! Also, some people confuse mission statements with value statements (see below) - the former should be very hard-nosed while the latter can deal with 'softer' issues surrounding the business.
The third key element is to explicitly state the business's Objectives in terms of the results it needs/wants to achieve in the medium/long term.
So, even if you don't need a formal plan, think carefully about going through the planning process.
It could be enormously beneficial to your business.
A well-prepared business plan will demonstrate that the managers or entrepreneurs know the business and that they have thought through its development in terms of products, management, finances, and most importantly, markets and competition.
For more guidance on these matters, check the white paper offering Insights into Business Planning, the Checklist for Preparing a Business Plan, Free-Plan (free 150-page in Word format) and the comprehensive Business Plan Guide.
If you are developing, or have invented, a new product or service, it may be beneficial to start the business planning process by reviewing the sections of Getting New Business Ideas covering Assessing Ideas and Next Steps.
This will guide you on groundwork to be done before starting to write a comprehensive plan.
It is much easier to fold a sheet of paper than a business.
For many, many entrepreneurs and planners, the process of planning (thinking, discussing, researching and analyzing) is just as, or even more, useful than the final plan.