Update statistics?

Hmm i have never done Update statistics on Database yet..

Please correct my belwo plan..

Sunday no one wotks on the Database

will perfom the below activity..

1) Full Backup - Using manitenencae plan

2) Transaction Log Backup - Using manitenencae plan

3) Truncate Logs (this grows up to GB every day :angry: )

4) Update Statistics & then Rebuild Indexes - Using manitenencae plan

Please suggest