A mission statement is a key tool that can be as important as your business plan says Sachin Karpe. It captures, in a few succinct sentences, the essence of your business’s goals and the philosophies underlying them. Equally important, the mission statement signals what your business is all about to your customers, employees, suppliers and the community. The mission statement reflects every facet of your business: the range and nature of the products you offer, pricing, quality, service, marketplace position, growth potential, use of technology, and your relationships with your customers, employees, suppliers, competitors and the community. Your mission statement should reflect your business’ special niche. However, studying other companies’ statements can fuel your creativity says Sachin Karpe.