Business services are non-financial activities that benefit companies without supplying physical products. They are used to promote marketing, production, safety, cost and convenience. Whether you’re a small or large company, you need business services to keep operations running smoothly.
Business Services Explained
Service-oriented businesses are often much more difficult to describe than product-oriented businesses. This is because they operate in a context that requires a much more abstract language to communicate, says Michael Spinelli, an associate professor at the University of Wisconsin-Madison School of Business.
In contrast, product-oriented businesses have a very simple and powerful base on which to build a business description. A product-oriented business is a store of goods, and customers buy the goods they want by paying for them at the price that is pre-determined.
Some examples of business services are:
Management Consulting
A management consultant is a professional who advises companies on strategies to improve their operations. This is a form of business service and can be done in-house or outsourced to other companies.
Information Technology
IT is a service that helps companies manage their internal and external data. This includes analyzing big data that comes from a variety of sources to make more informed decisions about their business.
Customer Relationship Management
Customer relationship management (CRM) software is a service that helps organizations track and interact with their customers in a meaningful way. It can also help to streamline their sales and service processes.
Business Phone Systems
Adding a business phone system to your WordPress-powered website can make it easier for you to manage calls from customers. These services include call forwarding, conferencing, voicemail, and other features that can improve your business’s efficiency and productivity.
The Business Services Sector
The business services sector encompasses a wide range of industries. It contributes to 11% of EU GDP and a large share of employment, according to data and research company Statista.
It also offers an array of career options, from professional services to IT and communications. Across the country, businesses are increasingly looking to outsource non-core business functions, creating opportunities for service providers like TPG.
They offer a variety of opportunities for employees with various skills and knowledge, according to Spinelli. Some jobs can be pressure-filled, and others require strong interpersonal skills to work effectively with clients.
You can find a variety of careers in the business services industry, from accounting to advertising and transportation to hospitality. Some positions also require a high level of technical skills, and some even demand at least a master’s degree.
Some of the most popular careers in the business services sector are:
The average salary for a person working in the business services industry is around $88,000 per year, according to the Bureau of Labor Statistics. The top salaries can go up to $140,000 per year, and some jobs can be very lucrative.
The business services sector is expected to grow 2.1% per year from 2020 to 2030, according to the Bureau of Labor Statistics. This is a very positive trend, as it shows that there is a need for these services in the economy.
