Balloon with delivery following small present (8)
I believe the answer is:
snowball
'balloon' is the definition.
(thesaurus)
'delivery following small present' is the wordplay.
'delivery' becomes 'ball' (ball is a kind of delivery**).
'following' is a charade indicator (letters next to each other).
'small' becomes 's' (abbreviation - e.g. clothes size).
'present' becomes 'now' (I've seen this before).
's'+'now'='snow'
'ball' after 'snow' is 'SNOWBALL'.
'with' acts as a link.
(Other definitions for snowball that I've seen before include "kind of bush with white flowers" , "Cold sphere" , "Throw it in winter" , "Icy projectile" , "Increase at a rapidly accelerating rate, in winter?" .)