Cyber technology and business development are two key strategies biotech due diligence checklist 3 main pitfalls businesses can employ to expand effectively, increase revenues, enhance relationships with leads, and much more. Both strategies must be implemented with attention, as they may expose businesses to increased risk of cyberattacks as well as malicious activities.

Business development is essentially finding new opportunities, sustaining and building relationships with customers as well as forming strategic partnerships and developing strategies to increase profits. The process touches virtually every aspect of a business, including marketing, sales manufacturing, human resources accounting, finance and the development of products.

To do their job well, business developers need to research potential markets and understand the way these markets will develop over time. They may need to decide whether to enter a market solo by making sure they have all the necessary legal formalities, or to form an alliance with businesses already in the sector. This choice could have an enormous impact on the cost of doing business as well as logistical obligations such as distribution and shipping.

The success of business development also depends on the right team. Teams that are successful usually have leadership abilities vision and the capacity to work well with individuals from diverse backgrounds. They are able to clarify the issues, set reasonable deadlines, and manage resources wisely. They also operate with the highest degree of morality and integrity. Therefore, they are regarded as trustworthy by their clients and colleagues alike. The Colorado Small Business Development Center Technology Program (SBDC TechSource) works with ventures in science and technology to offer commercialization assistance as in addition to cybersecurity and risk management education.