Business Services
Business services are activities that help a company function but do not result in the production of a tangible commodity. They can be performed by an outside firm or by the company itself. Common examples include outsourcing, contract manufacturing, consulting, marketing and logistics. These services are a crucial part of the economy and support other sectors such as manufacturing and agriculture. They are also increasingly being used to add value to goods and services through new combinations of products.
Business processes are automated by software that uses a service-oriented approach to implementing business logic. This allows for a flexible and responsive architecture that can be easily re-modeled to accommodate change in business requirements. It also allows for the reuse of services to reduce maintenance costs and improve consistency.
While the term “business services” is often used to describe an industry, it is not an official sector of the economy or a separate economic sector from manufacturing or trade. It is, however, a significant part of the global economy and provides jobs for millions of people. The global business services industry is highly competitive and includes many multinational companies.
The most important factor in the success of a business services company is networking. Creating relationships with potential clients, influencers and mentors in your industry is a great way to generate leads and grow your business. It is also important to secure financing for your company. This can be done through crowdfunding, a bank loan or investors. Once your company is funded, you can focus on the development and delivery of your business services.
Most business services companies offer an array of services that are useful to businesses. For example, some provide marketing and advertising services, which can help a business create brand awareness and increase its customer base. Others provide technical services, which can help a business update its technology and improve productivity. Other services are designed to improve employee quality of life, such as in-office day care and healthcare services.
The business services industry is a significant contributor to the European economy. It accounts for 11% of EU GDP and is one of the fastest growing segments of the European service economy. However, it is facing challenges due to low average productivity and persisting legal barriers. European internal market legislation and policy actions aim to address these issues and boost competitiveness in the sector.