The current focus on social media has many leaders wondering about its impact, specifically, for their businesses.

Is this a structural change, or just a fad?

Does it impact the whole economy or just particular industries; does it apply across a business or just to sales; is it the right time to invest in platforms; and how, if at all, social media contributes to productivity and the bottom line?

Let me paint the picture in numbers.

• Do you want to be part of the estimated $1 trillion online economy of 2013?
• Do you want more of the $272,000 spent online each minute?
• Does your product/service impact people?
• Do you want to engage with them or have them love your brand
• Do you want to remain relevant?

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently. Warren Buffett

While Buffet's comment is scarily accurate I've been reflecting on its application at the workplace culture level as businesses around Australia adapt to market pressures by refocusing efforts and cutting jobs.