Social media is all about real-time communications. If your messages aren't managed and monitored, it can land your business in legal trouble, or damage its reputation. Here, Mikal Belicove outlines five steps you'll need to take to create a social media policy for you and your employees.

1. Define what social media means for your business.
2. Document your goals, strategy and tactics as part of the policy.
3. Describe what is and what is not allowed in your social media efforts.
4. Assign social media roles among your staff.
5. Share your social media policy with your legal counsel before sharing it with staff.