A business service is an activity that helps businesses but does not produce a tangible commodity. It includes a wide range of activities such as logistics, transportation, insurance and communication. The industry employs a significant portion of the world’s workforce and is known as the tertiary sector of the economy.
Business services help companies by providing professional, scientific and technical assistance to other business organizations. They are generally performed by a highly skilled labor force and often require advanced degrees or specialized training. In recent years, technology has changed the landscape of the industry as business services are increasingly delivered via web platforms and systems or mobile apps. The coronavirus pandemic has accelerated these changes, with many companies choosing to outsource business services rather than hire in-house staff.
The services a company provides to its employees, customers or clients can be broken down into five categories:
Employee services
Whether it’s providing childcare or offering fitness classes, employee services are a vital part of any workplace. These services can help employees maintain a work-life balance, stay healthy and productive, and save time and money. They also help companies attract and retain top talent.
Financial services
Businesses need financial services to function, as they are required for purchasing materials, goods and equipment. These services can also help businesses get loans or credit to fund expansions, pay bills and cover any other expenses. Some common B2B financial services include merchant cash advances, business loans and lines of credit.
Support services
These are services that can help a company or individual with any issues they may have regarding their technology, such as fixing computer software or troubleshooting hardware problems. Support services can be offered by a variety of companies, including IT experts, telephone helplines and software developers.
Property services
Managing office spaces and other commercial properties is a common business need. This category can include property management, real estate agents and facilities managers. Business services in this category can also include cleaning, maintenance and waste disposal services.
Transportation services
Providing transport services to company employees is an important part of business services. This category can include bus services that pick up and drop off workers from train stations, or even provide a private car service for the most senior executives.
Other important transportation services include those that offer in-office deliveries, such as food and supplies or delivery of finished goods to customers. These services can help a company save time and money by avoiding having to shop for these items themselves. This can also reduce the risk of employees getting lost or misdelivering products to their clients. Additionally, these services can help with employee morale and satisfaction by reducing commute times and providing convenient and safe transport options. This can be particularly useful for companies with offices in different cities or countries.