Cyber technologies and business development are two key strategies that companies can employ to grow revenues, increase revenue and improve their relationships with potential customers. Both processes should be executed with care, as they can expose businesses to a greater threat of cyberattacks, as well as malicious activities.
In essence, business development is finding new opportunities, sustaining and building relationships with customers, forming strategic partnerships, and establishing strategies to boost profits. The process affects virtually every aspect of an enterprise including sales and marketing, human resource, manufacturing accounting, financial, and product development.
To do their jobs well business developers must look into potential markets and know how they will change over time. They may need to decide whether to venture into a market solo by navigating all necessary legal formalities, or to form an alliance with businesses already in the field. This decision will have an impact on cost considerations, and also the logistical responsibilities such as distribution and shipping.
Success in business development also depends on the proper team. Teams that are successful have leadership skills and vision, as well as the ability to work well with people from different backgrounds. They are able to communicate issues, establish acceptable deadlines and efficiently manage resources. In addition, they conduct themselves with the highest levels of morality and integrity. This online storage in business growth strategy formulation is why they are respected by colleagues and clients alike. The Colorado Small Business Development Center Technology Program (SBDC TechSource) works with science and technology ventures to provide assistance with commercialization as also cybersecurity and risk management education.
