A recent SunTrust Banks' survey of over 500 small business owners reveals many are ready to step up their social media and online marketing with the improved economy.

The Sun Trust survey shows one in three small business owners are likely to invest in social media and online presence and will make it a greater priority this year. 

According to SunTrust Bank's head of Metro Business Banking and Small Banking Reggie Davis, small business owners feel now might be the time to invest in social media as a way to market their business.

"Small business owners are increasingly seizing the power of social media to reach consumers in real time," Davis said in a statement. "With 64 percent of small business owners viewing economic and business health as strong or extremely strong, now may be the right time to invest in these online channels.'

The survey showed 34 percent of those owners "want to develop their internet and social media skills." The SunTrust survey also showed over one-third of the small business owners say if they had to start over again, they would focus more on marketing and advertising. 

"When business owners put best practices in place, they have greater financial confidence to pursue growth plans," Davis said.