I’ve mentioned Microformats before on this site, but not in direct relation to WordPress. Microformats are ways to code data for universal interchange- something they should have figured out when computers were first invented- but are just getting worked out now. Just as we have formats for pictures: jpg, tiff, bmp, eps etc. Microformats are formats for data that should be shared.
If everyone used these tags properly, search engines would be an order of magnitude more powerful, being able to coordinate the who, what, when, why and where data into a more powerful results page.
The format that comes first to my mind is the Vcard- a way of sharing contact information. There are many other tags- and this article will help guide you to the others and how to incorporate them into WordPress.
The second approach involves the use of specialised WP plugins to create microformat-ted content right from your admin panel.
GeoPress is another plugin for location data.
Hopefully, when we have more time, we’ll investigate these more and fill you in on how to use these effectively in building a site for business.