The Business Services Sector
The business services sector is crucial to the success of many economies, contributing over 50% of GDP in some countries. It encompasses companies that provide non-product related work for a fee, such as warehousing, shipping, logistics, office cleaning, catering and waste management. The four core elements of successful service businesses – marketing, production, safety and cost, and convenience – are increasingly recognized as distinct from the product economy, with their own unique challenges and opportunities.
The range of services a company can hire from third parties includes warehousing and distribution, value-added repackaging, order fulfillment, inventory control and management, light assembly, labeling, price marking, and more. Third-party logistic companies specialize in integrating these services with transportation and fulfillment processes to deliver value to both business-to-business customers and their end consumers.
Other services a company might hire are animal control and pest extermination, maintenance professionals who fix equipment or address issues quickly and efficiently, and tech support for a business’s technological devices, such as laptops and smartphones. In-office day care is another commonly needed business service that allows employees to balance their work and family life while staying productive.
In addition to these more traditional services, the industry includes consulting and information technology companies that provide advice and support for companies looking to improve their operations or make changes to their business models. These types of companies often work with executives and managers to help them understand and implement new approaches.
A growing number of universities and colleges are offering degrees in business services to meet the increasing demand for this type of work. A graduate degree in one of these fields can lead to a career in a number of different industries.
While some of these careers require a high school diploma or GED, others may only need an associate degree. There are also many specialized roles in the business services sector, such as accounting, human resources and sales.
The European Union’s internal market policy aims to increase the competitiveness of these important sectors, removing legal barriers and creating a more integrated industrial policy. The EU also has a dedicated service business council to promote the sector’s interests in international trade negotiations.
A business services company must be able to offer its clients an excellent customer experience. This means that it must be easy for customers to use its products and receive the work they need, whether it’s in-person or online. This involves training its employees to be courteous and helpful and to listen to their clients’ needs so they can provide the best possible experience.
A great customer experience is even more important when it comes to a B2C business, such as a restaurant or store. For example, a customer who dithers while waiting to be served at a fast food counter might cause other customers to become frustrated and leave before receiving their meals. This can ruin the reputation of a restaurant and hurt the overall business. To maintain a positive reputation, a B2C business must keep its customers happy by providing an excellent experience each time.