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Cyber technologies and business development are two strategies businesses can use to grow efficiently, increase revenues, enhance relationships with leads, and many more. Both strategies must be implemented with diligence as they could expose a business to increased risks from cyberattacks, as well as other malicious activities.
Business development is basically about finding new opportunities, creating and maintaining relationships with customers, creating strategic partnerships, and establishing strategies to increase profits. The process touches virtually every aspect of a company that includes sales, marketing manufacturing, human resources accounting, finance and product development.
To do their job well Business developers need to research potential markets and understand how these markets will evolve over time. They may need to decide whether to venture into an industry on their own, making sure they have all the necessary legal formalities or form a partnership with companies already operating in the sector. This choice can have an impact on the cost of doing business as well as logistical responsibilities such as distribution and shipping.
A well-functioning team is essential for business development success. Teams that do well have leadership skills and vision, and the ability to work with people of diverse backgrounds. They can clarify issues, establish acceptable deadlines and effectively manage resources. They also perform their work with the highest standards of integrity and morality. This is why they are regarded as trustworthy by colleagues and clients alike. The Colorado Small Business Development Center Technology Program (SBDC TechSource) collaborates with science and technology companies to provide commercialization assistance, as well as cybersecurity and risk management training.