From Susan Ward,
Your Guide to Small Business: Canada.
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Definition:

A mission statement is a brief description of a company’s fundamental purpose. A mission statement answers the question, “Why do we exist?”

The mission statement articulates the company’s purpose both for those in the organization and for the public.

For instance, the mission statement of Canadian Tire reads (in part): “Canadian Tire is a growing network of interrelated businesses... Canadian Tire continuously strives to meet the needs of its customers for total value by offering a unique package of location, price, service and assortment.”

The mission statement of Rivercorp, business development consultants in Campbell River, B.C., is: “To provide one stop progressive economic development services through partnerships on behalf of shareholders and the community.”

As you see from these two mission statement samples, mission statements are as varied as the companies they describe. However, all mission statements will “broadly describe an organization's present capabilities, customer focus, activities, and business makeup” (Glossary, Strategic Management: Concepts and Cases).

The difference between a mission statement and a vision statement is that a mission statement focuses on a company’s present state while a vision statement focuses on a company’s future.

Every business should have a mission statement, both as a way of ensuring that everyone in the organization is “on the same page” and to serve as a baseline for effective business planning. (See Quick-Start Business Planning.)

Common Misspellings: Mision statement, misson statement.

Examples: Slogans derived from some mission statements serve as the basis of successful ad campaigns, such as the B.C. Credit Unions’ “people before profits” campaign.