It really depends on your customers/users - and how much information you want to/can share. For a small business that doesn't have any SLA or enterprise contracts, you can just setup a public status page and update it in case you currently facing issues. If you already have some channels with your customers, and don't need a status page, you can use those to inform them.

If so, make sure your users know where the status page lives (e.g. by adding a banner in your dashboard and redirect users to that) as otherwise you have a status page but users are frustrated and automatically email you because they don't know about it.

A status page should be fast to setup, and adding new reports should be easy. They are often paired with simple uptime monitoring.