Business Development and Cyber Technologies
Cyber technologies and business development are two advantages of horizontal integration important strategies that businesses can use to increase their effectiveness, increase revenues, enhance relationships with leads, and more. However, both processes must be carried out with care as they could expose a business to increased threat from cyberattacks as well as other malicious activity.
The essence of business development is exploring new opportunities, maintaining and building relationships with customers, forming strategic partnerships, and establishing strategies to boost profits. The process impacts virtually every aspect of a business that includes sales, marketing, human resources, manufacturing accounting, finance and development of products.
Business developers need to conduct research on potential markets so that they can perform their job properly. They must also know how these markets will likely to change over time. They may have to decide whether to venture into a market solo by following all the legal procedures or form an alliance with existing companies in the market. This can have a significant impact on costs and logistical responsibilities like distribution and shipping.
The right team is crucial to the success of business development. Teams that perform well have leadership capabilities and vision, as well as the ability to collaborate with people from diverse backgrounds. They are able of defining issues, establish acceptable deadlines and effectively manage resources. They also act with the highest standards of morality and integrity. Therefore, they are trusted by clients and colleagues alike. The Colorado Small Business Development Center Technology Program, SBDC TechSource collaborates with science and tech ventures to provide commercialization support as well as cybersecurity education and risk management.