Business services are activities that benefit companies without supplying them with physical products. They can help businesses save time, money, space and resources, while improving productivity. Some examples of business services include consulting, transportation, logistics, waste management, staffing, and administration.
The industry of business services is part of the larger service sector economy, which is a key driver in many countries. The service sector makes up the largest portion of GDP in most low-income nations. In the three-sector economic theory, it is considered a tertiary sector, following primary and secondary industries in terms of their contributions to national economies.
Traditionally, service-based businesses focus on creating value in the eyes of their customers and building loyalty and trust with them. But as the industry becomes increasingly complex and competitive, it is important to look at other ways that businesses can add value to their customers.
There are four essential elements to building a successful service business: customer service, employee satisfaction, efficiency, and innovation. Those that excel in these areas can improve their position in the market and become a leader among their peers.
One example of business services is transportation, which provides people and goods from point A to point B. It is a service that is needed by nearly every company, and is an important aspect of the global economy.
Other business services include accounting, which helps companies keep track of their finances. This can range from simple bookkeeping to more complicated financial analysis and planning. Business-to-business accounting also includes helping companies collect outstanding invoices and managing accounts payable.
Tech support is another important business service. These professionals work to solve problems related to networks, computers and other technology systems that companies use for productivity. They can also troubleshoot issues with hardware like printers and scanners.
Some business services are provided by contractors, which is common in the IT industry. Those that provide these services can bring a lot of knowledge and experience to the table, which can be helpful for a business looking to outsource some of its IT operations.
Many business services are offered by a wide range of companies, including law firms and insurance agencies. These companies can provide a variety of important services, from marketing to legal advice. They can help companies find the best solutions for their needs and create more effective strategies.
In difficult economic times, consumers tend to cut back on service-based businesses. This can include reducing the number of oil changes or cutting back on pet care services. Some of these decisions may be made because of concerns about cost and quality.
This section contains information on employment and unemployment in the professional and business services industry supersector. The data come from a variety of sources, including employer and establishment surveys and a survey of households. This section also includes data on gross job gains and losses and projections of occupational employment change. The statistics are updated annually and are available in tables and charts.