Business development and cyber technologies are two important strategies businesses can use to grow in revenue, boost profits and improve their relations with prospective customers. Both processes must be implemented with careful consideration, as they could expose businesses to the threat of cyberattacks and criminal activity.
Business development is about finding new opportunities, developing and maintaining relationships with customers, creating strategic partnerships, and developing strategies that increase profits. The process is a major influence on every aspect of an enterprise that includes sales and marketing, human resource manufacturing accounting, financial, and product development.
Business developers should conduct extensive research into potential markets in order to be able to do their job properly. They should also know how these markets will likely to change over time. They may need to decide if they want to enter a new market on their own after completing all legal formalities or forming an alliance with a company that is already operating in the market. This decision could have an important impact on the cost of doing business as well as logistical obligations such as shipping and distribution.
The right team is essential for business development success. Teams that do well have leadership capabilities and vision, and the ability to work with individuals from different backgrounds. They can clarify issues, set deadlines that are acceptable, and manage resources effectively. They also always act with the highest degree of integrity and morality. Therefore, they are respected by their clients and colleagues alike. The Colorado Small Business Development Center Technology Program (SBDC TechSource) works with science and technology companies to provide assistance with commercialization as also cybersecurity and risk management training.