The Business services industry comprises a broad category of work that provides professional, scientific and technical support to organizations operating in other industries. Companies in this industry provide an array of business-to-business (B2B) services, such as accounting and consulting, facility management, market research, and staffing. This section also includes information on the professional and business service sector of the economy, including employment and unemployment data, gross job gains and losses by state, labor force participation, union membership and representation, and projected occupational employment change.
While the concept of business services may seem vague, it’s important to understand what this category of activities entails. Business services are all the tasks and activities that help maintain a business without producing any tangible commodity. Many different types of businesses rely on business services, particularly large firms that need a variety of services for marketing, production, safety, cost and convenience purposes.
One of the biggest challenges for service businesses is designing their offerings so they’re valuable to customers and attractive to investors. To do so, they must shift their perspective from thinking about product design to focusing on the experience customers want to have.
A company that focuses on its service will create value for its customers, as well as improve employee satisfaction and productivity. To provide better service, businesses should look at consolidating their support functions into a central organization or service provider. This will enable them to reduce costs and increase control and insight into performance.