Cyber technologies and business development are two important strategies businesses can employ to expand, boost revenue and improve their relationships with prospects. Both processes should be executed with caution, as they could expose businesses to the risk of cyberattacks as well as malicious activity.
The essence of business development is finding new opportunities, maintaining and building relationships with clients by link forming strategic partnerships and developing strategies to increase profits. The process affects almost every aspect of an organization including sales and marketing manufacturing, human resource manufacturing, accounting financial, product development.
To do their jobs well, business developers need to research potential markets and understand how they will change over time. They may have to decide whether to enter a market solo by navigating all necessary legal formalities or form an alliance with existing companies in the sector. This decision can significantly impact cost considerations, as well as logistical responsibilities such as shipping and distribution.
A well-functioning team is vital to business development success. Teams that are successful have leadership skills with vision and ability to work well with individuals of different backgrounds. They are able to communicate issues, establish deadlines that are acceptable, and effectively manage their resources. They also conduct themselves with the highest standards of integrity and morality. As a result, they are regarded as trustworthy by clients and colleagues alike. The Colorado Small Business Development Center Technology Program, SBDC TechSource works with ventures in science and technology to offer commercialization assistance as well as cybersecurity education and risk management.
