Single-Minded Keep your employees on track with a written mission statement.

Most entrepreneurs have a very clear understanding of the mission of their businesses. They know what they're doing, how it's being done, and who their customers are. So the question about mission statements, according to Gerald Graham, dean of the W. Frank Barton School of Business at Wichita State University in Wichita, Kansas, is not whether you need one, but why it should be written down.

"A mission statement defines what an organization is, why it exists, its reason for being," says Graham. "Writing it down and communicating it to others creates a more coherent approach to what you're trying to do." No matter how small your company is, a written mission statement helps everyone involved see the big picture and keeps them focused on the true goals of the business.

According to Graham, at a minimum your mission statement should define who your primary customers are, identify the products and services you produce, and describe the geographical location in which you operate. A mission statement should be short-usually just one sentence and no more than two. Anything longer isn't a mission statement.