With our dedication to growing businesses, American Express GBT is thrilled to support Small Business Saturday on November 27. To celebrate, GBT senior leaders are sharing a few quick lessons from their own small business beginnings that can help your company no matter its size.
Choose the right partners
You can’t do everything yourself. Chances are, you’ll need to bring in key partners that can deliver value and help you as you scale your business. You can benefit from delegating work, especially administrative work to contractors, services, or vendors. As a business owner, don’t expend time doing things that somebody else can do. Instead, pick the right partners and develop a core strategy so that you can focus on the customer.
Manage your cashflow
Keep an eye on overall cash position. After all, money doesn’t just flow into a company, it also flows out. As the saying goes, an ounce of prevention is worth more than a pound of cure. Take the initiative to know your financial flexibility and proactively manage your money. If the events of 2020 taught us anything, it was to be prepared. For many of us, this came down to our cash position and making difficult decisions to preserve funds in order to access them later when needed. Down the line, most businesses will likely have a greater sense of the importance of liquidity. Although it has always loomed as a key cause of business failures, hopefully a new sense of “cash is king” will be better respected by everyone – regardless of the size of their company.
Build a network of expertise
Build a network of experts to support you. Your business can benefit from the experience and understanding of knowledgeable associates. This can be especially valuable since as your business grows, you may not be able to have a full-time chief marketing officer, chief product officer, chief finance officer, or chief technology officer on board. It can be difficult to thrive in all those focus areas on your own. Building yourself an extensive network of individuals aligned with these backgrounds and having access to the right expertise can certainly help. In some situations, it can be the difference between success and failure.
Our support for growing businesses runs deep
At American Express Global Business Travel (GBT) we pride ourselves on meeting our clients’ needs with flexible solutions. Whether you’re looking for promising insights to future savings, customizable booking options, or ways to help increase traveler safety, our global business consulting services aim to deliver a complete solution that can adapt as your company grows and evolves.
To hear more insights from our team, be sure to look out for our top tips eBook series for learnings based on their years in small business. You’ll gain an understanding of other helpful topics like how to find efficiencies with the right solutions and put people first within your organization.
In the meantime, don’t forget to encourage your customers to share the love and #shopsmall.