Any entrepreneur who hasn't yet recognized the impact of technology on the business world needs to wake up and smell the coffee. Unless you've been living under a rock for the last five years or so, you would have observed the progress made by technology on a daily basis, particularly the internet. Businesses are making the effort to keep pace with the growth, some of them striving to be one step ahead. 

Yet, the internet-based tools for businesses have not gotten universal acceptance till now, particularly at the top level. Even with the technology delivering results for businesses, the leaders have been reluctant to accept the fact. Social media, in particular, has become an important tool in a business’ repertoire. Though the image of social media websites would be that of casual interaction and fun, it can give your business the boost it needs. 

At present, the percentage of CEOs engaged in social media stands at 16%. It shows a deplorable lack of seriousness and trust on part of the CEOs with regards to social media. On top of that, just one of the CEO’s included in IBM’s 2012 Global CEO Study run a blog. Somehow, the people who run businesses prefer LinkedIn, but even there the level of participation leaves much to be desired. You should even ask how the situation is on Twitter, Facebook, Google+ and other social networks.

Research has clearly shown that social media is on its way to becoming an important tool for businesses to interact and engage their customers. In fact, it is expected that it would be the second biggest medium of interaction between businesses and customers after, of course, face-to-face interaction in five years’ time. However, there aren't any guarantees the internet would remain in its current state for five years. 

Even a small change could leave businesses in the dark about how they can use social media. This is why you shouldn't wait for social media to boom. Not only do the business leaders need to embrace this tool for promotion and marketing but every person working for the company. It helps if the employees are involved in what’s going on in the company. Social media is a platform through which a large corporation can foster a sense of being a community within its employees.

But, the business leaders need to take the first step towards doing this. They no longer have the luxury of ignoring social media. If you fail to recognize its importance now, it is quite possible each one of your competitors would be using it to their advantage in the near future. You will get left behind.

Still, there are many business leaders who have embraced social media with open arms, from small-scale entrepreneurs to CEOs of multinationals. Social media gives you a chance to step out of the formality of conventional interaction strategies with your customers. There is plenty of space for you should you choose to enter the arena. It will make you a smarter business leader.