Business services are an important part of most economies. They include a wide range of activities and services that are not tangible products, but they still benefit companies. They can help businesses in many ways, including production, cost, and marketing.
The term “service” is a broad term that includes a variety of services, from legal, cleaning, travel, and hospitality to transportation and maintenance. These industries are often called tertiary industry or service-providing industries.
They are an important component of the European economy, contributing to 11% of GDP. They also play a vital role in the development of new combinations of goods and services, and are increasingly delivered by virtual platforms like internet-based systems or mobile apps.
Unlike goods, which can be purchased by customers who pay a pre-determined price, services are intangible products that cannot be touched, seen or felt. They are offered by individuals and organizations to either consumers (B2C) or other companies (B2B).
Professionals in the service industry provide professional support to clients in a variety of areas, such as consulting, accounting, transportation, construction, hospitality, traveling, and maintenance. These professionals work closely with businesses and individuals to help them meet their goals.
Businesses need these professionals to ensure that their properties function properly. Animal control or pest exterminators are needed to remove infestations that could harm employees or cause property damage, while maintenance professionals are required to fix appliances and other equipment.
These professionals can be hired on a full-time basis or as a freelancer. Depending on the type of business, these professionals may be located in-house or offsite.
Tech support professionals provide information and solutions to companies, helping them solve problems regarding networks, computers or other technology. They are available to answer questions and resolve issues as quickly as possible, so employees can stay productive.
In some cases, these professionals help businesses hire employees. They can also be hired to perform other duties, such as providing administrative assistance or overseeing company training programs.
Trade in services is an important part of EU international trade. It consists of 12 main service categories that are shown in the EBOPS 2010 classification of services flows.
The largest category is ‘Other business services’, which accounts for 25% of total services exports to extra-EU countries and 33 % of all services imports from non-EU countries.
This sector is a key driver of economic growth in Europe. It plays an important role in the’servitisation’ of the economy, and it helps boost European competitiveness.
Some of these services are necessary for business operations, while others help to improve employee satisfaction and motivation. Some are useful to business owners who want to maintain or renovate their facilities, while others are a necessity for a growing or evolving business.
Successful business services are characterized by a clear Service Value Proposition, or the combination of qualities that makes a product or service more valuable to customers. Understanding this proposition is crucial to designing effective business services and upgrading existing ones.