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Cyber technologies and business development are two crucial strategies businesses can use to grow in revenue, boost profits, and improve relations with prospective customers. Both processes must be implemented with careful consideration, as they could expose businesses to increased risk of cyberattacks and malicious activities.

Business development is basically about finding new opportunities, creating and maintaining relationships with customers, forming strategic partnerships, and creating strategies to boost profits. The process is a major influence on every aspect of an organization which includes sales and marketing manufacturing, human resource management, manufacturing accounting financial, product development.

Business professionals must conduct study of potential markets so that they can perform their job efficiently. They must also know how these markets will likely evolve over time. They might have to decide whether to enter market on their own after following all the legal procedures or form an alliance with businesses already in the market. This decision can significantly impact cost considerations, as well as the logistical aspects such as shipping and distribution.

The success of business development is also contingent on the right team. Teams that perform well have leadership abilities and vision, and the ability to work with people from diverse backgrounds. They are able to communicate issues, set appropriate deadlines, and manage resources wisely. They also always act in the highest standard of integrity and morality. They are trusted by both colleagues and clients. The Colorado Small Business Development Center Technology Program, SBDC TechSource works with ventures in science and technology to provide commercialization support as well as cybersecurity training and risk management.