Business services are activities that benefit companies without producing tangible goods. They encompass a large portion of the commercial world and include aspects that are essential to a company’s operations. Large firms rely on business services for marketing, production, safety and cost purposes, as well as convenience.
Unlike product businesses, service businesses don’t have a physical presence; rather, customers attribute value to the experience they have with a business’s service. This requires managers to adopt a different approach when designing services. Whereas product designers focus on the features customers will value, service designers must design experiences that are differentiated from competitors.
In order to provide the best possible customer experience, the business services industry must expand to all parts of the world, leveraging technology as it becomes available. Additionally, service providers must work to ensure that their business services are easy to use, secure and cost-effective.
Examples of business services include: a solar panel installer that bills customers based on energy consumption; real estate agents who assist clients with renting workspaces; maintenance service professionals who fix faulty equipment; and tech support specialists who help employees resolve issues that may arise with their computers or other technology. Similarly, insurance firms offer a variety of services that are crucial to business, including liability and life coverage. Financial services also fall under the business services category, as they help organizations raise capital to grow their operations. Lastly, waste management services help companies reduce their environmental impact.