Business development and cyber technologies are two important strategies that businesses can employ to increase their effectiveness, increase revenues, enhance relationships with leads, and more. However, both processes should be implemented with diligence since they could expose a company to greater risk from cyberattacks and other criminal activities.
In essence, business development is finding new opportunities, sustaining and building relationships with clients as well as forming strategic partnerships and developing strategies to increase profits. The process impacts virtually every aspect of an organization including sales and marketing, human resource manufacturing accounting financial, product development.
To do their job well Business developers need to research potential markets and understand the way these markets will develop over time. They may need to decide whether to enter market on their own after making sure they have all the necessary legal formalities or forming a partnership with companies already operating in the sector. This decision can significantly impact costs, and logistical responsibilities such as shipping and distribution.
Success in business development is also contingent on the right team. Teams that are successful have leadership abilities vision and the capacity to collaborate with people of different backgrounds. They are able to communicate issues, set acceptable deadlines and efficiently manage resources. They also act with the highest degree of integrity and morality. They are trusted by both colleagues and clients. The Colorado Small Business Development Center Technology Program (SBDC TechSource) collaborates with ventures in science and technology to assist with commercialization, as well as cybersecurity and risk management training.