Article featured in Authority Magazine.

You need to treat the business as a relationship. You should always be willing to find a solution.

Inflation is taking its toll on us and there is talk of a potential recession, while the tech industry is currently shedding tens of thousands of jobs. Is it possible to grow a business in these conditions? What steps should an entrepreneur take to grow their business during unpredictable times?

As part of our Strategy Series, Kage talks with fellow successful business owners and growth experts to help you discover new ways to grow your business during challenging economic times. Today, we had the pleasure of interviewing Dean Hartley.

As brand president of Five Star Bath Solutions, Dean Hartley directs franchise systems and processes to assist franchise owners in growing successful businesses.

Dean brings over 15 years of experience in the one-day bathroom remodeling industry. Before joining Five Star Bath Solutions, he most recently held the position of vice president of sales and marketing with Design Imaging.

Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us about your ‘backstory’ and how you got started?

I worked as a financial advisor right after college. I did not love corporate office life. I was fortunate enough to fall into the bath remodeling space. It became my job and my hobby.

Early in my bath remodeling career, I was responsible for everything from marketing and sales to installation. Then I was vice president of sales and marketing for a large product manufacturer, and I’m currently president of a national bath remodel franchise brand with 117 locations in the U.S. and Canada.

Can you share with our readers a story from your own experience about how you were able to grow your business during a challenging economy?

I’ve been through the tail end of the dot-com bubble, the 2008 housing market crash, and now the current inflationary period. In the past, I simply blamed the economy when the businesses I was involved with struggled. Over time, I’ve realized that making excuses doesn’t grow a business.

These days, we’re much more focused on our numbers. We can use that data to make the right decisions to grow the business. In the franchise industry, there are always buyers. Sometimes they’re just harder to find.

If you have a system to identify them and execute and keep weekly and monthly KPIs, you should never be surprised. And you’ll be faster to react than your competitors.

Did you ever consider giving up? Where did you get the motivation to continue through your challenges? What sustains your drive?

I love the business. Giving up would be like giving up on my wife or children. Of course, things get tough. But you need to treat the business as a relationship. You should always be willing to find a solution.

The success of the business lies in the data. It takes the guesswork and instinct out of it. Once you identify the problem, you can find a solution.

What would you say is the most critical role of a leader during challenging times?

The role of the leader is the same during hard times and easy times. A leader should always be looking at the future, looking at the data, and looking at the team to make sure the right people have the right processes to get the company where it needs to go.

In some businesses, you may need to curtail growth during rough times. A true leader will have the right data to make the best decisions for the team, even then.

When the future seems so uncertain, what is the best way to boost morale? What can a leader do to inspire, motivate, and engage their team?

The future is always uncertain, even during good times. We don’t know what’s around the corner. The best leaders track data and share it with their teams. If everyone understands what’s going on, morale won’t be an issue.

Teams lose morale when they don’t have clear direction and information. People need to be kept in the loop. Without information, they’ll make things up, usually assuming the worst. Be transparent and keep your team informed through all times, good and bad.

How can a business leader make plans when the future is so unpredictable?

In the world of small business, you can actually predict future results with surprising accuracy if you track your data and have a plan. That’s just one way franchises support their owners. Most business owners don’t have a detailed business plan, but a franchisor can help any owner develop an individualized plan.

Plans change, but they should only change after being measured. If you measure weekly, you will be able to adapt to any headwinds before they have a significant impact. No business survives by constantly changing in response to the news or always planning for the worst-case scenario. Businesses survive by planning, measuring, and planning again.

What can a company do to avoid losing clients or customers who say, “I just can’t afford it now”?

If a customer says they can’t afford what you offer, you need to work on your value proposition. Customers are always willing to spend money. Sometimes they’re selective about how they spend it. The value of what you offer must exceed the price. That way, they can’t afford not to have it.

Financing or low monthly payment plans help for high-ticket items. But avoid cutting prices or profit margins or offering lower-quality products. That’s an important way to differentiate yourself from competitors.

What lead generation strategies work best during a difficult economy?

It is always a good idea to execute with efficiency on affiliate leads. Affiliate leads are generally purchased on a per-lead basis, so the affiliate carries the risk. Success with affiliate leads is a result of execution on the part of the business owner.

Referrals and networking are also great sources of new business.

Can you share the most common mistakes you have seen other businesses make during difficult times?

I would avoid pulling back on promotions or lowering prices. These are the types of kneejerk reactions that your competition will consider. Difficult times can be great opportunities to expand and grow market share.

Thank you for sharing your experience with our audience today.

Kage Spatz is a Forbes-ft Entrepreneur, growing national companies and franchises since 2012. Hit revenue goals faster with Fortune 500-exp marketers guiding your marketing team and franchisees or implementing custom-built growth strategies for you.