Business services are the non-financial services provided to businesses for their operations, including advertising, consulting, facilities management, marketing, waste handling, staffing services, shipping, and administration. They are a subset of the economic services sector, which also includes financial services.
There are a wide variety of business service providers available. Many of these provide specialized expertise and experience that may be difficult or impossible to replicate in-house. These companies can help companies improve overall efficiency by focusing on core competencies and reducing operational costs. In addition, these companies can often offer more competitive pricing than in-house options.
Other business services include translation and interpretation. These services enable a company to reach more potential customers and overcome language barriers. Tech support is another business service that assists individuals and businesses in troubleshooting computer and network problems. These services are often more cost-effective than hiring in-house employees to resolve technical issues.
There is a great deal of untapped potential in the business services industry. EU Internal Market legislation and policy actions aim to remove obstacles and stimulate competitiveness in this important sector. These efforts include simplifying the rules for establishing and providing business services in another Member State. This makes it easier for service businesses to operate across borders and take advantage of the opportunities offered by the single market. This will increase cross-border trade and the integration of European businesses. It will also help reduce the administrative burden on both companies and their employees.