Business services are the actions and activities that help businesses but don’t always result in a tangible product. They can range from a marketing company that provides consulting advice on running an ad campaign to a maintenance service professional who helps companies fix appliances and other equipment.
They derive much of their value from intangible elements like outcomes, experiences, knowledge and management. They are primarily consumed by organizations.
A business can provide business services by itself or through an outsourcing provider. The external provider has specialized expertise in the specific area and can often be scaled up or down in response to changing needs.
Examples of business services include:
Tech support, pest control and maintenance – These professionals work with companies and individuals to troubleshoot any technology issues. They can help employees stay productive and avoid problems that could cause a costly outage.
Outsourcing – Outsourcing can improve efficiency in a business and free up time for employees to focus on core competencies. It can also save money on hiring in-house experts.
Consulting – A consulting firm offers services for a fee to clients in a particular industry, such as business planning or sales. They can also be used for personal development or career guidance.
The European Union is working to promote competitiveness in the business services sector. This includes a number of policy initiatives, such as the EU Services Directive and the Internal Market legislation that aim to stimulate innovation in the sector and remove legal barriers.