Facebook isn’t just for fun, it’s also for business.

The online social platform has 1.8 billion active users worldwide and has become a hub for people’s social lives and communications (Source: Statista). At the same time, that’s made Facebook a highly attractive platform for businesses and online advertisers looking to sell their products and services.

Here are five surprising ways that Facebook can give your business a major boost:

Networking and Collaboration

Facebook is still the go-to place for people and business to come share ideas, products, services and points of view. It’s an online forum unlike anything the world has ever seen before, and a chance for your business to reach out and connect with others. This could lead to collaboration, partnerships and other fruitful endeavors.

Facebook is also a place to check out the competition and see what you’re up against. Scoping out the size and market penetration of competitors on places like Facebook is an effective way to get a look at how to refine your marketing strategy, maximize your online interactions and utilize social media most effectively.

Boosting Your Brand’s Name ID

Getting your brand, business, organization or institution on Facebook is one of the best things you can do. By taking care to set up an engaging, clear and simple homepage for your brand, you can get the word out and make sure that people can easily find you on Facebook. An increasing number of folks search for businesses directly on Facebook, and when they find you it serves as a trust booster and source of info. You can also offer promotions, spur discussions and engage people with your brand in numerous ways.

Hiring the Best Employees

Facebook is a great way to find new employees. It’s a one-stop shop for having resumes sent your way and screening and checking new recruits before they ever hit the front door. Even better is that by browsing the numerous businesses on offer, you can find exactly the right subcontractors to handle all your business needs with only one click.

Advertising Opportunities

When it comes to Facebook advertising, many businesses ask a simple question: are they worth it? The short answer is yes. The average CPC (Cost-Per-Click) on a Facebook ad totals out to 97 cents, with a fairly high conversion ratio as well (Source: Webfx). As for ROAS (Return-on-Ad-Spending), this varies widely depending on the efficacy of your ads and demand for what you’re offering. However, ROAS is easy to calculate: you just take the full amount you’ve made from sales generated by Facebook ads and divide it by the full amount you’ve spent. For example, if you spent $20,000 in one month and it created $29,500 in sales then your ROAS is 1.475. Not too shabby.

Provides Valuable Downtime

Last but not least, Facebook provides a place where you can switch between the personal and professional with no lag time. If you need a break from crunching numbers or selling your wares, you can always pop over to your personal account and talk to an old friend. It’s certainly convenient to have a service which offers you the best of leisure and business all in one place.