Business development and cyber technologies are two strategies that companies can employ to grow, boost revenue, and improve relationships with potential customers. Both strategies must be implemented with diligence as they could expose a business to increased risk of cyberattacks and other criminal activity.
Essentially, business development involves finding new opportunities, maintaining and establishing relationships with customers as well as forming strategic partnerships and establishing strategies to boost profits. The process impacts virtually every aspect of the business including sales and marketing manufacturing, human resource management, manufacturing, accounting financial, product development.
In order to do their job effectively, business developers need to investigate potential markets and understand how they will change over time. They may need to decide whether they’d like to enter the market on their own after completing all legal formalities or form a partnership with a company that is already operating in this area. This decision could have an enormous impact on costs and logistical responsibilities like shipping and distribution.
Success in business development is also dependent on the right team. Teams that are successful have leadership skills and vision, as well as the ability to collaborate with people from different backgrounds. They are able to communicate issues, establish acceptable deadlines and efficiently manage resources. They also always act in the highest standard of morality and integrity. In the end, they are regarded as trustworthy by their clients and colleagues alike. The Colorado Small Business Development Center Technology Program, SBDC TechSource, works with science and tech companies to provide commercialization support as well as cybersecurity education and risk management.