One only has to understand Social Media Mischief to know how social media can damage a business. I just have to say one brand name to give you the example of a sad social media story - Dominos®. A million YouTube views before the pizza group even knew it had a disaster.
     Does this apply even if your company isn't online? (The question that begs to be asked is, "Why isn't your company online?") But, Yes, it applies. Everyone else is online. As a home-based business owner sometimes we don't see a need for something until after the fact. And usually that is a result of some kind of business meltdown.

Here are 5 reasons to set a Social Media Policy even if you are a one person operation. 

Sometimes in the moment of social media we say or do things that are impulsive. That's part of the authenticity - spontaneity. But not all spontaneous acts are created wisely. Understanding what you ultimately want to put across may cause you to pause and actually not want to click and post.

When you ask someone to write copy (text for your use) or design something for your business this can be part of the package that you give them. You want others who will create for you to familiarize themselves with what your brand and business are all about. It will help them to know if they are a good fit for your project and saves you time, money, and headaches.

 If you wait until you need a SMP then you'll hastily put one together and its flaws will go out with it. Your needs may not really be met with it as well. Doing one upfront will give you the time to work and revise it so that it becomes a useful tool.

Home businesses have a habit of taking off. It's usually accompanied by an incredible increase of work demands. Which in turn requires more help. After hiring an employee is not the time to be working up a SMP. The new hire needs to know your vision, values, and policy from day one.

Your policy will help everyone "speak the same language." Once in place, it will be a starting point to monitoring your brand online.  It will also be common ground on which to begin mediation if the need arises.
If you don't have a SMP there is no need to panic. But, be proactive. 

If you don't have the resources to hire a lawyer to set your policy, do decide what kind of policy you want. 
Here is an article from Susan Heathfield to help you get started. 
Protect and promote yourself with a Social Media Policy. Get and stay social.