A business service is any activity that supports a company but doesn’t produce a physical commodity. These activities can include transportation, cleaning, hospitality and consulting. The business services industry represents a large part of the commercial world and is essential to companies’ growth.
The success or failure of a service business depends on four things: the design of its offering, the management of its people, the customer’s perceptions and experiences of the service, and how well it competes with competitors. To succeed, a service business must have a tool kit that allows managers to address these areas.
Some examples of business services are:
Interpreters and translators help companies communicate with clients who speak different languages. IT support workers troubleshoot and resolve computer and network issues so employees can continue to work productively. Personal services are anything that has a positive impact on an employee’s well-being, such as workout facilities and travel benefits. And software services improve the functionality and security of a company’s technological devices by adding features and enhancing protection against viruses and hackers. Shared services allow companies to centralize various functions that may otherwise be spread out among departments and individuals, making it easier for the organization to track performance and identify areas for improvement. These services can also be helpful during mergers and acquisitions, as they can make it easier to integrate new operations into existing ones.