Is social media the great equalizer that allows small businesses to compete with bigger rivals? As just about everyone hops on the social networking bandwagon, some say the answer to that question is yes.
"Social media is essential these days to small businesses, because their customers and their prospects are all there," said Dave Kerpen, CEO of Likeable Local, a marketing and software company that helps small businesses use social media.
"Pretty much every consumer at this point is using Facebook, Twitter and LinkedIn, and small businesses have to join that conversation." Kerpen said in an interview with CNBC's "On the Money." However, "most small business owners don't have the time to do social media. They're struggling with coming up with the time to run their own business," he added.