A new report commissioned by LivingSocial, the online marketplace to buy and share experience in your local area, has revealed that small businesses are potentially missing out on a staggering $554 million each year by not using social media tools fully. The survey, conducted with 500 SMEs across the UK and Ireland, showed that 68% of small businesses are failing to take advantage of all that social media has to offer by not using its full potential, likely missing out on substantial opportunities to increase revenue. Of the 4.8 million small businesses in the UK, nearly a quarter (23%) earn over $1000 per annum through connecting with consumers on platforms such as Facebook, Twitter and LinkedIn. Read more HERE.