I have been listening to quite a few owners ask, “Where’s my bailout?” and I have the answer.

There isn’t one for you

Sorry, but the government is run by people looking for the quick fix and the biggest story they can get run on the nightly news.  If they were actually interested in helping you, there would be a significant drop in the cost of starting and running a business.  There are no handouts for the millions of small business owners.  You probably already know that, but sometimes you need to hear it.  You are on your own.

The silver lining

No bailout means that you are still your own boss.  There are examples tumbled across history where the government jumped in to help companies and messed things up even worse than they already were.  A politician’s job is, after all, to get elected.  They don’t understand business.  What I should say is - They don’t understand small business.  Small business owners don’t have the time to play politics, so they rarely run for office.  Without that voice in the public sector, there are few fighting for your well being.

Getting back to the bailout, why would you want it anyway? You wanted to set your own path and earn your own money when you started your business.  Why would you shortchange that goal by begging?

I understand that you are hurting.  The economy (no matter what country you are in), runs in cycles and we are at the down side of the cycle now.  Hang on and things will get better.  No I do not have a crystal ball.  Yes, I know for certain things will be better soon.
The science of what makes someone spend money is vast.  There are many factors that drive a person to do anything, let alone spend money.  One factor is a person’s desire to be comfortable.

People hate to be uncomfortable.  If you think about it, the most profound changes in the world happened when people went far beyond their comfort level and made changes to get back to being comfortable again.  The trick, in business, is to find out where you can meet these new needs and place your products or service in the category of helping people be comfortable again - within the new framework of their life.

If your customers are primarily lower income, you need to have deals that are within their means to pay.  Convenience is the key to making these hard-working people happy.

Things to consider:

• Do not cut quality or portion size just to make more money.  Customers notice.
• Talk about it with your crew.  Having their input means they will help sell it.
• Ask your customers what they would like.  A five question survey is a quick way to gauge their needs.

If your customers are middle income, have a variety of deals that can meet the penny pincher and the moderate spender without either of them feeling like you are cutting corners.  Middle income folks are looking for the best deal.  That deal needs to have quality and cost linked to the sales message to make it a value.
Things to consider:

• The experience is the most important part of the deal for this group. Find ways to have fun.
• Do not look cheap. Middle income earners will not be back for cheap products or services. They also talk to a lot of other customers too.
• Updating your store look can go a long way to adding value to the experience.

If your market is geared toward the wealthy (you decide what wealthy is), have added values that make sense to the consumer.  If you can add valet service to your diner, add it.  If it is free shipping, if the customer is a “VIP”, then provide that.  The best idea would be to have a menu for the customer to decide their added value.  Be prepared to give everything on the menu to the truly VIP customers before they ask.

Things to consider:

• Many times having a free, branded item can go a long way to getting the customer back more often. Branding is always important.
• Consider all parts of the store important. The sound, the smell, and the look (and if you have a taste) make sure that the culture of your store is unique and good.

By meeting your customer’s needs in a time of uncertainty you greatly increase their loyalty and give you a stronger base once the economy turns back around.

When you think about where your bailout is, think about the opportunity that the slower economy is putting in front of you.  Flexibility is the key to making your business strong.  If you can change your business just enough to be in view of customers while they are searching for ways to get back to their comfort level you win.  Just bail yourself out with good ideas.