Business managers are in a near panic, not seen since the mainstream grasp of blogs just a few short years ago, frantically trying to stay abreast of the latest lingo and the fluid evolution of a new business model and strategy.

Everyone is trying to figure out how to make money with social media. Inc. Magazine recently published "5 Ways to Actually Make Money on Twitter" – a profile of companies that are earning revenue with Twitter's crowdsourcing resources. It's an interesting article with some tips and pointers, but what's more interesting is that this Fortune 500 obsessed magazine is writing about Twitter at all.

That is how trends go. Something so improbable as Twitter has taken the world by storm. Imagine this pitch to a board of VC's a la Dragon's Den:

So, we're going to build a network that lets members send 140 character messages to each other online or via cell phone. We would like you to invest millions in this concept and we can't tell you when or how we will earn revenue, let alone turn a profit. Are you in?

Seem implausible? Read this interview with Twitter co-founder Evan Williams from Fast Company in March of 2008 and you'll see that Twitter represents a "build it and they will come" type of business model. The fact that Twitter has created something is undeniable. Understanding what it all means is another matter.

This is where the snake oil salesmen come in. The term "Social Media" emerged in 2004. In those 5 or so years since we have started using the term, social media has gone through several rounds of definition and redefinition.

That hasn't stopped folks from staking their claim as a social media expert. Mashable, the "social media guide," recently reported that in of May 2009 4,487 Twitter users included the phrase "social media expert" in their profile. By December 2009 that number had jumped to 15,740. A threefold jump in 7 months!

Toronto's Social Media Group has developed a Social Media RFP Template designed to help purchasers develop questions and request for proposals that match their needs and requirements. The document is intended to help weed the posers from the legitimate marketing experts. In a gesture of good will Social Media Group has released the document to the public domain with the hopes that it will increase our understanding of what qualifies an individual or firm to be considered a social media expert.

Knowing how to hire the right expert starts by learning what questions to ask and what to look for in a potential vendor. Social Media Group has done us all a great service by assembling this guide and giving it away. Just a few short years ago this kind of document would be protected as part of a company's intellectual property, but it's a brave new world isn't it?