As a small business owner, (SBO) your resources – human and financial – are limited in comparison to the big MNOs. In order to excel, a SBO may attempt one or more of the following methods:
- Max out personal credit cards
- Seek business and/or personal lines of credit
- Seek a business loan
- Borrow from friends and family
- Overwork your limited staff
- Forego necessary changes to grow adequately
- Try to do everything solo
Each of the above methods either put your business (and your family) in a high debt situation or a high-stress situation due to attempting to go it alone. There are more viable options to explore to expand your business:
Seek out complementary businesses that share your client-base. A relationship of this nature leverages your common resources to build both of your companies to newer heights. Here are a couple of ways Abundant Journeys has leveraged strategic alliances to expand its business:
- Within the travel industry, Abundant Journeys has established itself as a company who handles private and corporate events as well as upscale leisure travel. When request are made for services outside of our area of coverage or expertise such as Disney, we refer clients to one of our Strategic Partners like Sabrina Tinius of The Enchanted Traveler. She will refer clients in our expertise to us and we will refer Disney clients to her. According to Sabrina, “Having a strategic alliance allows me to be sure that my clients are always served by a specialist. In return, I love being able to be the Disney expert for Abundant Journeys’ clients so that their clients always experience the best service possible, no matter where they travel.”
- Abundant Journeys handles its fair share of private events. However, it does not handle wedding planning or other type of party planning like event planners. However, we may partner with wedding planners to take care of the lovely couples Out of Town Guest by developing itineraries to occupy their guests, arrange room blocks and travel arrangements. The wedding planner handles the flower selections, taking care of the wedding day, etc.
It is not necessary to have a heavy payroll load as a small business owner. Leveraging the skill set of other companies and professionals could very well be the key to your companies long term success. It is one of the most underused methods to expand your business, yet one of the more powerful ways to grow without breaking the bank. Essentially when you outsource certain portions of your business, you leave room to focus on the areas you most excel. Here are key ways Abundant Journeys incorporates outsourcing in its business model:
- Abundant Journeys expertise in handling group services for private and corporate events is a service easy for companies to outsource. Instead of commissioning your assistant or HR to handle your annual retreat, sales incentive program or company off-site meetings, you can secure our services. In the end, it gives your company a larger, more professional image by managing your internal and external resources well. Abundant Journeys can run undetected in the background giving your company the credit.
- When planning large scale events, such as a 5k run, it is more resourceful to seek outside assistance rather than tap into our internal resources. For accountability of sponsor and participant funds, we may seek an outside accountant. Instead of our inside marketing guru, we may outsource a graphic artist to handle the events marketing design. By leveraging outside resources, Abundant Journeys can truly focus on putting on a masterful event while not getting bogged down in the details.
Redefine your market
Another way to expand your business without breaking the bank is to acutely redefine your market. After all, your financial and human resources are limited to an extent. By having a well-defined target market, you can best allocate your resources to tapping into your most lucrative market.
Abundant Journeys was born just several years ago from its mother company. Originally servicing the business and lifestyle management sector for highly-compensated individuals. We noticed several service offerings – travel (groups) and gifts stood out on our P&L. We quickly redefined our market to capture more travel through Private & Corporate Events and we segmented off gifts into its own company – not open to the public. By redefining our market, we were able to maximize use of our internal resources while tremendously growing our bottom line.
Do you utilize any of these methods in your own small business?