Business services are activities that help businesses but don’t result in a tangible product. These activities are often outsourced and encompass a major portion of the commercial world.
These services can be physical or digital. For example, a haircut or massage are both services that can be provided in person or remotely. In the case of a company, a business service may be a consultation that provides advice on running an advertising campaign or a software service that monitors devices and sends data to an IT department. A business services team can be large or small. It can consist of a team working in a lavish office setup or a single employee operating out of a home office.
Defining business services isn’t straightforward because of their intangibility. For example, a mental health counselor’s advice is a service but can’t be touched or quantified. Likewise, a customer who dithers at a fast food counter slows down the service for everyone behind him.
In the context of business, a service can be provided to another company (B2B) or to end consumers (B2C). The most common business services are real estate and rental, financial services, IT support and utility services. Real estate services help companies find workspaces and manage property leases. Financial services can include banking and investments, as well as insurance. Utility services provide water, electricity and gas to businesses. Providing these services helps a business remain productive and allows employees to focus on their work.