Cyber technology and business development are two key innovating customer engagement through digital channels strategies companies can use to expand effectively, increase revenue, build relationships with leads, and much more. Both strategies must be implemented with care, as they can expose businesses to increased risk of cyberattacks as well as malicious activity.
Business development is all about finding new opportunities, developing and maintaining relationships with customers, forming strategic partnerships, and creating strategies to boost profits. The process affects almost every aspect of the business including sales and marketing, human resource manufacturing accounting, financial, and product development.
Business developers need to conduct study of potential markets to be able to do their job properly. They must also know how these markets will likely to change over time. They may have to consider whether to venture into an industry on their own, complying with all legal requirements or forming a partnership with companies already operating in the market. This choice can have a significant impact on the cost of doing business and logistical responsibilities such as distribution and shipping.
Success in business development is also dependent on the right team. Teams that are successful possess leadership skills vision and the capacity to work well with individuals from diverse backgrounds. They can clarify the issues, set reasonable deadlines and efficiently manage resources. They also conduct themselves with the highest standards of integrity and morality. They are trusted by both colleagues and clients. The Colorado Small Business Development Center Technology Program (SBDC TechSource) collaborates with science and technology ventures to provide assistance with commercialization as well as cybersecurity and risk management education.