Mast Cell Tumors are one of the most common tumors found in dogs. They are usually graded from 1-3 (1 being almost benign to 3 being very malignant). Also, patients are staged with single lumps being the best situation.
Surgical removal is always indicated in single masses with a wide excision preferable. This means that the incision is way bigger than the tumor.
I have had huge numbers of patients over the years that have a grade I, stage I, that have 100% recovery with no chemo or other treatment, but there are many where surgical removal was impossible due to location and others where multiple tumors are present or where metastasis to internal organs has already happened.
This is a situation where communication with your vet and possible referral to an oncologist with a more advanced situation is warranted.
Doug, DVM
BTW, I've had a few where I've been fooled, thought it was a mast cell tumor on FNA (fine needle aspirate) but the biopsy came back a benign - something else. The mast cell tumor is so insidious that it's always best to error on the side of removal if questionable at all.