Business development and cyber technologies are two key strategies that businesses can use to grow in revenue, boost profits and improve their relationships with prospects. Both strategies must be implemented with careful consideration, as they could expose businesses to a greater threat of cyberattacks and criminal activities.

Business development is essentially about identifying new opportunities, creating and maintaining relationships with customers, creating strategic partnerships, and creating strategies that increase profits. The process is a part of every aspect of a business, including marketing, sales manufacturing, human resources, accounting, finance, and the development of products.

To do their jobs well business developers must look into potential markets and know how these markets will develop over time. They may have to decide whether to enter a market solo by navigating all necessary legal formalities, or to form a partnership with companies already operating in the field. This decision can have an impact on costs as well as logistical responsibilities like distribution and shipping.

A well-functioning team is vital to business development success. Teams that are successful usually have leadership qualities with vision and ability to work well with individuals from different backgrounds. They are able to communicate issues, set acceptable deadlines, and manage resources wisely. In addition, they always conduct themselves with the highest levels of integrity and morality. In the end, they are trusted by their clients and colleagues alike. The Colorado Small Business Development Center Technology Program, SBDC TechSource, works with tech intense transaction management in digital rooms and science ventures to provide commercialization support as well as cybersecurity education and risk management.