58. (Mission statement) You have owned Lee Construction for 15 years and employ 100 employees. Business has been profitable, but you are concerned that the locale in which your business is based may soon experience a downturn in growth. One way you have decided to help prepare for such an event is to engage in a higher level of strategic planning, beginning with a mission statement for your company. (Note: The December 1996 Management Accounting article “Measuring Your Mission” may provide a useful starting point.)

a. How does a mission statement add strength to the strategic planning process?

b. Who should be involved in developing a mission statement and why?

c. What factors should be considered in the development of a mission statement?

Why are these factors important?

d. Prepare a mission statement for Lee Construction and discuss how your mission statement will provide benefits to tactical (in addition to strategic)

planning.