Business development and cyber technologies are two important strategies that businesses can utilize to expand effectively, increase revenue, improve relationships with leads, and so on. Both methods must be implemented with online storage in business growth strategy formulation care, as they can expose businesses to the risk of cyberattacks as well as malicious activity.

Essentially, business development involves finding new opportunities, maintaining and building relationships with customers and strategic partners, and developing strategies to increase profits. The process affects virtually every aspect of an organization including sales and marketing, human resource manufacturing, accounting financial, product development.

To do their jobs well business professionals must investigate potential markets and understand how these markets will evolve over time. They may have to decide whether to enter an industry on their own, navigating all necessary legal formalities or forming an alliance with businesses already operating in the field. This decision can have an impact on the cost of doing business as well as logistical obligations such as distribution and shipping.

The success of business development is also contingent on the right team. Teams that succeed usually have leadership skills with vision and ability to collaborate with people with different backgrounds. They are able of defining issues, establish acceptable deadlines and manage their resources effectively. Additionally, they conduct themselves in the highest level of integrity and morality. They are trusted by both colleagues and customers. The Colorado Small Business Development Center Technology Program (SBDC TechSource) works with science and technology ventures to assist with commercialization, as well as cybersecurity and risk management training.