The 3 Steps to Creating a Mission Statement One professional offers his three-step plan for crafting a mission statement for your business.

Q: How do I compile a formal mission statement?

A: Paul Tiffany, a senior lecturer at the University of California, Berkeley's Haas School of Business and co-author of Business Plans for Dummies, suggests three steps for articulating your company's primary purpose.

1. Ask key employees to write a draft statement about what the company does—but tell them to keep it short. "Preferably only two or three sentences," Tiffany says, "employing simple and straightforward language."