The biggest thing social media will do is help spread your business' brand. It could be difficult starting and getting followers, but once you start building up a base on Twitter and Facebook - your ability to offer specials, coupons and free advice will skyrocket. Once your fans share the news and/or coupon - it can go viral. Many, many... many people can be exposed to your products and services through your social media efforts. A free way to network can turn into a profitable game of telephone.
Social media is key. It is the best secret to really driving your business, gaining investors and meeting new consumers or vendors. You need to invest time, not money, into social media. I know this can be hard for business owners as we are always short on time. You can hire writers, publicists or even marketing firms to help you, but I promise social media marketing is one of the cheapest, easiest and more impactful ways to reach new clients on the Internet.