Business services are a class of activities that benefit organizations without supplying them with physical products. They include advertising, marketing, consultation, logistics (including travel and facilities services), waste handling, staffing, shipping and administration.
The industry of business services is one of the largest in Europe and contributes 11% to GDP, according to Statista. The industry has grown rapidly in recent years and is expected to continue growing. It is a key sector in European competitiveness, enabling businesses to enhance the value of their products through new combinations of goods and services.
There is a spectrum of value between “goods” and “services” in the economy, with most products falling somewhere in between. For example, a restaurant may supply its customers with food and beverages but also provide other services like the setting and clearing of the table.
These services are valued for their utility and convenience to the customer, rather than their tangible form. For this reason, it is necessary to account for these types of activities in the budgeting process.
Examples of business services are:
Technology and telecommunications
Tech support workers are the people who assist businesses in solving technical issues. This helps companies to stay productive and reach their goals, while ensuring that employees are satisfied and motivated.
Construction and building
Companies that want to remodel or expand their buildings often use a contractor to complete the work. These workers have the experience and expertise to do the job properly, and they are usually very affordable.
Insurance services are essential for many organizations. They help reduce the company’s financial obligations and allow them to focus on their core operations.
Real estate and leasing
A company that needs to rent office space may hire a real estate agent or firm. This allows them to find and negotiate a rental agreement that meets their requirements.
Legal and consulting
Law firms, accounting firms and other professional service providers provide legal advice and guidance to clients and businesses. They can also help with tax and auditing services.
Management and training
Managers of companies that provide business services are responsible for the overall health and well-being of their company. They must also ensure that the employees are working safely and efficiently.
Employees are the most valuable resource for a company, so it is essential to create an environment that encourages their success and happiness. This is why many organizations choose to invest in the human capital that makes up their workforce.
Some business services are designed to support the well-being of employees and the entire workplace. These include interpreters, translators, and workout facilities, as well as relaxation areas.
These services are a great way to boost employees’ morale and productivity, while also reducing business costs. They also give businesses access to a wider customer base and can help them grow faster than they would on their own.
The industry of business services is one of the most dynamic in the world, with new startup businesses emerging all over the globe. This is because of the growth of communication technologies and infrastructures that are enabling the industry to expand its reach.