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Business Development and Cyber Technologies

Business development and cyber technologies are two strategies companies can use to expand effectively, increase revenue, strengthen relationships with leads, and more. However, both processes must be executed with care because they could expose a company to greater risk of cyberattacks and other criminal activity.

Business development is basically about finding new opportunities, building and maintaining relationships with clients, creating strategic partnerships, and establishing strategies to boost profits. The process affects virtually every aspect of the business which includes sales and marketing manufacturing, human resources manufacturing, accounting, financial, and product development.

Business developers must do research on potential markets so that they can perform their job well. They must also understand how these markets are likely evolve over time. They may have to consider whether they’d like to enter the market on their own, completing all the necessary legal requirements or entering link into an alliance with a company already operating in the field. This choice can have a significant impact on cost considerations and logistical responsibilities like distribution and shipping.

The right team is also vital to business development success. Teams that are successful typically have leadership qualities, vision and the ability to work well with individuals from diverse backgrounds. They are able to communicate issues, set deadlines that are acceptable and manage resources intelligently. Additionally, they perform their work in the highest level of morality and integrity. They are regarded as trustworthy by colleagues and clients. The Colorado Small Business Development Center Technology Program, SBDC TechSource collaborates with science and tech companies to offer commercialization assistance as well as cybersecurity education and risk management.