When You Should Revise Your Mission Statement Hint: A good revision should take place a lot more often than just every three to five years.

You created a mission statement for your business or nonprofit to provide your stakeholders — employees, customers, investors and others — with a succinct statement about the organization. The mission statement also states your company's goals and purpose. It defines your product or service offering as well as who it serves.

As a business owner or company leader, you might have pondered when you should work on revising your mission statement. After all, a mission statement may be relevant for a much longer time than a company's overall vision statement. As a new entrepreneur, you may be contemplating if your startup mission statement will stand the test of time as you launch and scale-up.

I'll give you a hint: You might need to evaluate your company's mission more often than you think. And, there are many compelling reasons why you should be reviewing what your mission statement says and whether it still resonates.