Business services are any services a company provides to other businesses or individuals that do not involve a tangible product. These businesses often offer their services for a fee, either flat rate or hourly.
They may provide consulting, property and equipment maintenance, financial and accounting, computer and information management, advertising and graphic services or other business support functions. These types of services are critical to most companies, as they provide valuable support and reduce costs.
These types of services are often outsourced to a third party, which can help a business save time and money. They also allow companies to improve their efficiency and focus on their core competencies.
Examples of business services
Banking, insurance, transportation, cleaning, and waste handling are some of the most common services offered by business services providers. These services are important to the economic wellbeing of businesses around the world.
Shared services
Businesses can consolidate their support functions, utilizing a well-defined infrastructure to enable higher value service delivery. This allows the corporation to benefit from efficiencies and cost savings that would be impossible with decentralized operations.
B2B financial services
Business-to-business, or B2B, financial services provide businesses with the funding they need to grow and thrive. They can cover the cost of expansion, new equipment, or other operating expenses.
Insurance and property services
Companies that sell or lease property and equipment also need to pay for insurance. They can also hire a property services company to handle the leasing and maintenance of their offices or other workspaces.