Consider these questions.

• Are your business growth dreams hampered by a lack of people, capital or other assets?
  

• Do you wish you had the capability to bid on a request for proposal that has specifications beyond your company’s ability to perform?
  

• Are you reluctant to ask a large customer about their future plans for fear that the answer may not be within your organizational and financial critical mass? 

If any of these questions, or variations thereof, are all too familiar, take a page out of the construction industry playbook and start looking around for sub-contractors or strategic partners. Let’s look at these three resource examples, in order of formality:

• Partner: A partner relationship is more formal and typically longer term. Regardless of how a partnership is structured, in general, all partners have a vested interest in the success of the entire enterprise. Think of two business owners buying a commercial duplex and sharing the space because neither has the cash or credit to swing the deal alone. Most partnerships are best organized with the help of an attorney.
  

• Sub-contractor: As the term indicates, a sub-contractor—including product vendors—becomes a contractual participant you bring in to help fulfill a larger project for which you are, or want to become, the lead vendor to the customers. Unlike a partner, a sub expects to get paid for delivery of work or products regardless of how the project turns out for the contractor. 
  

• Strategic alliance: This relationship is typically less formal. Let’s say a jeweler, florist and photographer join forces to produce a marketing/advertising campaign for brides that represents all three brands. By pooling finances and aligning brand messages, the campaign can have more impact than either business could swing individually. After the campaign is paid for and executed, the participants have no further obligation to each other. 

Before giving up on a project because you don’t have the necessary resources in-house, look around for external ways to create alliances. When you’ve established a strong alliance, the opportunities are endless.

Jim Blasingame is one of the world’s leading experts on small business and entrepreneurship. He is the creator and host of the weekday radio program “The Small Business Advocate^® Show.” Jim is also a speaker, a syndicated newspaper columnist, and the author of “Small Business Is Like a Bunch of Bananas” and “Three Minutes to Success.” 

American Express OPEN and FedEx have teamed up to provide discounts and a comprehensive resource for shipping, business and print services. To learn more, go to fedex.com/opensavings.