Social media can have a major impact on businesses if used strategically. The document outlines strategies for social marketing, selling, commerce, and collaboration using various social media platforms like Facebook, Twitter, and LinkedIn. It recommends first developing a social media strategy and goals, outsourcing content creation, integrating social efforts with PR and sales, using cloud tools, and engaging customers through high-quality shared content and automated follow/retweet strategies. An audit of business goals, existing content, web capabilities, and team skills is also suggested to create an effective social media action plan.