Social media is not a cure-all for your business' failings.
Social media creates opportunities to enhance your organisation's reputation, deepen relationships with customers (or supporters if you are a NFP), attract new custom/interest, leverage serendipity, generate goodwill, plus many more known and yet to be known benefits.
The caveat is that improvements in any of the areas outlined above will take time so set your expectations accordingly. Also, be prepared to put effort and commitment into managing your chosen social media without necessarily expecting an immediate return (although you could - which is another great thing about social media).
Before engaging with social media in any significant way, ensure that your organisation's fundamentals are in shape. While social media may provide ways to remedy the occasional slip up, the very media used to interact with the wider community can also be used to publicise shortfalls in the basics.