If you read 'Good to Great' and 'Built to Last' you know how important they value Mission Statements. But there studies are based on mostly large companies. How important is a mission statement to a small business?
None at all...
Mission Statement
I feel that having a mission/vision statement is very important. It does not need to be that formal but you should have a clear vision of what your business stands for and the direction you want to take it
I agree with Boston
Re: Mission Statement
The statement is not so important, but the mission is.
The statement is for the customers if they pay attention to it; depends what kind of customers you have.
The vision, mission and values are for the business owner to keep on the right track and to progress. The rule number one is to develop them. The rule number two is to make them public (the statement) to build trust.