Whilst growing up we are pushed to recite Bismillahir-Rahmanir-Rahim before starting any task or chore and especially before eating. It is vital to remember that Allah needs to be remembered daily. Allah is self-sufficient, humans are not. Humans without the remembrance of Allah are like fish without water, we cannot live without invoking him.
Prophet Muhammad (peace be upon him) said, “The world will cease to exist, doomsday will start, when the name of Allah is no longer mentioned”. (Imam Muslim)
In other words, the primary reason behind our existence today remains because of the very few still invoking the name of Allah on a daily basis, every act and thought is in accordance with his divine will.Say you are about to walk out of your house on your way to work. You start by saying Bismillah, before beginning anything you are putting Allah first and bringing him into presence. So you’re saying with the guidance of Allah, that going to work + your journey to work goes well, and in the direction of Allah’s will. The next step is to say Ir Rahman Ir Rahim, what you are doing here is remembering Allah’s attributes of being magnificently compassionate to humanity, by bestowing life, etc., and also embracing his mercy towards you as an individual, but not only that, how he is the most compassionate and the most merciful. This in return brings gratitude, because of his mercy to you, you want to act in accordance of his will. 
Shaytan, Shaitan, Satan (Importance of Bismillah)
When Shaytan, Shaitan was ordered out of heaven by Allah, he asked three questions?
Where will I live? Where will I eat? Where will I sleep?
- Allah told him that he, Shaytan, Shaitan would live with the person who did not say Bismillahirrahmanirrahim (In the name of Allah, the beneficent the merciful) before he/she entered his/her house.
- Shaytan, Shaitan would eat with the person who did not say Bismillahirrahmanirrahim (In the name of Allah, the beneficent the merciful) before he/she started to eat.
- Shaytan, Shaitan would sleep with the person who did not say Bismillahirrahmanirrahim (In the name of Allah, the beneficent the merciful) before he/she went to sleep.
Shaytan Vomits
Prophet Muhammad (S.A.W.) was once eating with a group of young children.
Suddenly Prophet Muhammad (S.A.W.) smiled. The children asked him why he was smiling. Prophet Muhammad (S.A.W.) replied: "Shaytan, Shaitan has just vomited."Prophet Muhammad (S.A.W.) then explained that there was a child amongst them who had forgotten to say Bismillahirrahmanirrahim (In the name of Allah, the beneficent the merciful) and Shaytan, Shaitan had sat to eat with him.
The child had just remembered and said: Bismillahirrahmanirrahim (In the name of Allah, the beneficent the merciful), from the beginning to the end. Shaytan, Shaitan therefore vomited and thus the Prophet Muhammad (S.A.W.) had smiled.
Freedom from Hellfire (Importance of Bismillah)
Prophet Muhammad (S.A.W.) has said that on the day of judgement there will be some people who will have to go to Jahannam (Hell) because of their bad deeds.However, from these people, there will be some who had the habit of saying Bismillahirrahmanirrahim (In the name of Allah, the beneficent the merciful) before they did anything or entered anywhere.
Thus, when they will be taken to Jahannam (Hell) by the angels, they will be very sad but they will say Bismillahirrahmanirrahim (In the name of Allah, the beneficent the merciful) Allah will tell the angels - "STOP". Allah will tell them that He cannot let someone who says Bismillahirrahmanirrahim (In the name of Allah, the beneficent the merciful) calling Him Rahman and Rahim enter Jahannam (Hell).
Now imagine putting this into practice with every halal act we do, how perfect and blessed it becomes and taqwa-orientated. May Allah give us hidaya and strength to benefit from the power of Bismillah. Ameen.