Cyber technologies and business development are two strategies that businesses can employ to increase their growth, boost revenue and improve their relationships with prospects. Both processes should be executed with care, as they can expose businesses to the risk of cyberattacks and malicious activity.

Business development is essentially finding new opportunities, sustaining and building relationships with clients and strategic partners, and developing strategies to increase profits. The process is a major influence on every aspect of a business which includes sales and marketing manufacturing, human resources manufacturing, accounting financial, product development.

Business developers need to conduct research into potential markets in order to ensure they can do their job efficiently. They must also be aware of how these markets will likely to change over time. They might have to decide if they want to enter the market on their own and completing all the required legal procedures or forming an alliance with a business that is already operating in the market. This choice can have an enormous impact on cost considerations and logistical responsibilities such as shipping and distribution.

The right team is vital to business development success. Teams that are successful have leadership abilities vision and the capacity to work effectively with people with different backgrounds. They can clarify issues, set deadlines that are acceptable and manage resources efficiently. They also act with the highest level of morality and integrity. Therefore, 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 support for commercialization as well as cybersecurity training and risk management.

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