Many companies have done quite well without them. One aspect of the vision statement that is often overlooked is its power to motivate your employees. I see far too many employees who are just doing their job. They may have a great title and be performing well, but it is still just a job. The spark is missing.
Most people share a yearning to be part of something bigger than themselves.
Most vision statements are very dry. They talk about how well the company is going to do. Aside from ego gratification, I've realized it does nothing for me. It doesn't touch my heart. It's not the reason I'm in this business.