Business services are activities that support a company without producing a physical product. This means they don’t have to be purchased or sold, making them more efficient for businesses that are trying to streamline operations.
These services also help companies meet production, safety, cost and convenience needs, which can make them especially useful for large organizations that need to keep up with work demands. These services often involve hiring contractors or companies to perform specific tasks for companies, and are usually provided in exchange for a fee.
Whether you’re working for yourself or for a business, it’s important to understand the different types of business services. This way, you can find the best ones for your business and get what you need at the right price.
Some of the most common types of business services include office space, real estate, utility and pest control. These services help businesses find workspaces and negotiate rental agreements, which saves them time and money. They can also assist with landscaping, if needed.
Insurance is essential for any business, and these services help companies reduce their financial obligations while lowering their costs. They’re also necessary to protect employees’ lives and health and ensure that companies remain solvent.
Another type of service is maintenance, which helps companies keep their buildings and equipment in good condition. It can help prevent costly downtime and ensure that the property operates efficiently.
A third type of service is technical support, which involves working with companies to solve their computer or technology issues. These professionals can help companies resolve these problems quickly, which can make them more productive and less likely to experience downtime.
Several business services also include delivery services, which allow companies to receive items they need without having to buy them in advance. This can save them time and effort while ensuring that their supplies are delivered to customers on time.
Other kinds of business services include travel arrangements, cleaning and waste management. These services are often used in offices or hotels, and may include the hire of a hotel manager to ensure that all areas of the facility are clean.
One final type of service is legal, which refers to the obtaining or recording of documents. This can be done in offices or at law firms.
The business services industry is dominated by multinational corporations, but smaller firms are emerging in many countries. Some of the largest companies in this sector are ADP, Allegis Group, ManpowerGroup, and Waste Management (all based in the United States).
The business services industry is expected to grow by 2.5% through 2022. The growth is driven by global demand for new business solutions that are innovative, flexible and sustainable.