"Go back to your core, reflect on what you do very well and build on that," Craig Parisot, Executive Vice President and COO of Invertix, said to the audience at Thursday's Northern Virginia Technology Council (NVTC), Business Development, Marketing & Sales breakfast, "Growing Companies 2010: How to Achieve Success in a Tough Economy."

Marta Wilson, Ted Davies and Carolyn Parent

Ted Davies, President of Unisys Federal Systems; Brad O'Brien, COO of CFN Services; Carolyn Parent, EVP and General Manager of the GovCon unit of Deltek; and Marta Wilson [PDF], CEO of Transformation Systems, Inc. joined Parisot on the panel which focused on tips on how to grow sales during a down economy.

Obvious though it may sound, sticking to your company's core strengths is much tougher than you think. Parisot explained that the natural tendency is for executives to try to expand into new markets and different products in order to grow.

Ted Davies added his own recommendation on what the audience members could do immediately upon leaving to help them focus and build on their company's core:

Equip your field sales and marketing people with the right information and a broader understanding of your products and services. They are the folks on the ground having the customer conversations. When properly equipped, if they hear a customer express a pain point or a need, they can instantly offer solutions. At the very least, they can bring this information back and help leverage existing products to do new things.

Additionally, he added that you need to align your measurements and award system to create incentives and reward staff for taking this extra step.

He also suggested that companies plan to get in front of contracting opportunities and pick judiciously about whether to bid or not bid. "Don't try to be everything to everyone."

Lastly, Davies suggested that you align your products and solutions with the trends in the marketplace. He used cloud and cybersecurity as great examples of this since this seems to be where the government is currently focused.

The panel also discussed customer relationships and how listening to your current customers can help fuel growth.

"The core of everything you do has to revolve around customers and customer relationships," Carolyn Parent said. She explained that the key to Deltek's growth was going back to the customer base and asking them about their pain points and needs. Doing so helped the business recognize where to invest.

Brad O'Brien agreed and added that your clients will tell you what they need -- the trick is listening and then leveraging what you already have to help them solve new problems. "Don't recreate the wheel."

Other Advice

Sales and Marketing: "If the principals of your company cannot sell your business you probably shouldn't be in business," Parisot said.

Staffing: Don't be afraid to say goodbye if you've outgrown some of your employees. Invest in the right staff. Educate and reward them for a job well done.

"You are better off with fewer and better sales people than a broader organization that is only mediocre," Carolyn Parent said. The worst geographic region might do really well with a top salesperson, whereas even your best region will falter under someone who doesn't know how to cultivate and care for customers.

Talent Retention: Invest in your management team. Train them and hire smartly.

"Often, employees don't quit the company, they quit the manager," Parent said.

The panel unanimously agreed that in Washington, DC, good salaries and a great benefits package are often not enough to retain top talent. Craig Parisot recommended making your company more than just a paycheck. "Make their lives easier," Brad O'Brien added.

Outsourcing: To streamline your business, don't be afraid to outsource the operations needs that are not core to your business. Human resources, legal, IT support, finance and accounting are all commonly outsourced. Take a look at your business and decide what is best.