Our panel of experts discusses the top technologies and platforms that small businesses can use to improve their customers’ experience and overcome the most common operational issues.
Mark Cuban
Investor, ABC’s “Shark Tank”
What are the technologies that new small business owners should invest in to better run their businesses?
It really depends on the company. You have to do your homework to determine what mix of mobile and cloud-based apps works best for your company. Particularly with so much changing with AI large language models like ChatGPT and Gemini, it’s worth it to take your time, do your homework, and find the right solution that you can afford.
How can small business owners leverage their strengths and unique selling points to stand out in a competitive market?
All businesses need the trust of their customers to stand apart. In this day and age, we trust fewer and fewer businesses and organizations. Transparency and honesty are the keys to keeping your customers happy.
What motivates you to continue supporting and investing in small businesses?
I love helping startups. It’s the whole reason I do “Shark Tank.” I’m still a huge believer in the American dream. I want to see more and more entrepreneurs succeed!
Nick Spitzman
General Manager, Stamps.com
How critical are shipping speed and reliability in influencing customer satisfaction and repeat business?
Because many e-commerce giants have set a high bar for fast, predictable deliveries, customers expect small businesses to meet similar standards. Delays can erode trust, while prompt deliveries build loyalty and repeat business. Start with affordable options that ensure items arrive on time, and as your business grows, consider expedited options for an added fee.
What common shipping challenges do you see small businesses facing, and what solutions would you propose?
Small businesses deal with mailing and shipping challenges that include changes in postage rates, peak surcharges, variable delivery times, and long wait times when trying to buy postage and send items. Unrelated to mailing and shipping, we know business owners work around the clock and juggle multiple roles at their companies. Online platforms give you hours of your time back and the ability to focus on running your business, on your own schedule.
What financial metrics should small business owners track regularly?
Gross profit margin helps assess profitability after production costs. Operating expenses should be reviewed to ensure spending is sustainable. Tracking cash flow ensures enough funds for day-to-day operations.
Customer acquisition cost and lifetime value reveal how much you’re spending to acquire customers versus what each customer brings in over time. By regularly tracking these metrics, business owners can maintain a clear financial picture, make data-driven decisions, and adapt swiftly to ensure growth.
How can small businesses leverage technology to improve efficiency and productivity?
Small business owners are typically looking for technology that helps them scale further and faster. Software that improves the day-to-day of the business and saves time is sometimes overlooked when compared to other growth initiatives. However, owners are much more valuable to their businesses when they’re able to work on things that are important – especially things that only they can do. With tools like Stamps.com, you can print postage in seconds, send mail without ever having to drive anywhere or wait in line, and get back to running your business.
How important is digital presence for small businesses, and what are the first steps to establish it?
A strong digital presence is essential for small businesses looking to reach their target audience. Start by creating a website that reflects your brand, showcases your products or services, and has a clear way for interested customers to reach you or, if applicable, to buy online from you. To drive traffic, consider basic Search Engine Optimization (SEO) practices, focusing on keywords relevant to your business. Next, establish profiles on social media platforms where you can engage directly with customers but note that this has to be and feel authentic to who you are and the things you care about, especially the things that you and your brand have in common with your audience.
What are common legal pitfalls small businesses should avoid?
Small businesses often face legal pitfalls in areas like intellectual property, contracts, and compliance. Register trademarks early to protect your brand. In contracts, avoid using generic templates. Consult with a tax professional to understand tax requirements. Ensure your customer data practices meet local laws. Proactively addressing these areas can prevent costly problems in the future, enabling you to focus on growing your business.
What role does community engagement play in a small business’s success?
Local customers are more likely to support businesses they feel connected to, so being an active part of the community can drive customer loyalty and positive word-of-mouth. Engaging with the community could involve participating in local events, sponsoring youth programs, or collaborating with other small businesses. Social media offers a great channel to connect online, share local stories and events, or highlight loyal customers, which further strengthens community ties.
Bennie F. Johnson
CEO, American Marketing Association
How important is digital presence for small businesses, and what are the first steps to establish it?
It’s vital for a small business to build their brand, connect with customers, and find new audiences to drive revenue. A well-designed website and social media presence will help them reach these new audiences and build consumer trust and credibility.
When building your digital presence, small business owners need to think intentionally about the customer experience, the content that will connect with your customers, and the mobile experience. Over 50% of online purchases are done on mobile devices today and it’s important for a small business to think about these spaces as well. An online presence is more than a website, it’s your community, and your loyal customers both online and virtually. Invest time and energy into the platforms and places that work for your company. Most importantly, think about the experiences you’ve enjoyed and create that for your audience with content and products that not only meet but exceed needs. Today as a small business owner, the tools and platforms exist for your digital presence to be a true strategic advantage.
What role does community engagement play in a small business’s success?
It’s everything. Community is not just the people who purchase something from your business, the transactions, but the larger ecosystem, the dynamic of those that support your business. It’s the families who frequent and influencers who are sharing your products, the individuals who follow you on social media, and those who shop in your stores. Think of each one of those community members and how you can interact with them on a personal level, to create the experience that you would want. They are the ones who will help your business grow and succeed. Community creates a sense of belonging and as a small business owner, you want to create these spaces that will build lasting relationships and a loyal customer base.
