Business services are intangible goods or services that primarily help businesses operate. These include things like janitorial services, security services, translation and interpretation, IT support, human resources consulting, financial advisory, and even top-level strategy advice such as mergers and acquisitions. Companies use these services to reduce operating costs, boost productivity and efficiency, manage risk, and improve customer service. The business services industry is a major component of the larger service-providing industries supersector group. The table below shows information relating to employment and unemployment in the sector, as well as gross job gains and losses, union membership and representation, and projections of occupational employment change.
A business service company isn’t just a collection of employees; it is also a community of people who collaborate to provide the best experience possible for their customers. These types of businesses are very different from traditional product companies because they must focus on providing an experience that will attract and retain a loyal customer base. As the world becomes more globalized, these types of businesses have become more commonplace.
There are many different types of business services, each providing a unique benefit to the organization that utilizes them. Translators and interpreters work with companies to encourage inclusion of all people in seminars, conversations, or meetings by translating languages that aren’t commonly used. These professionals are often able to work remotely, reducing the need for costly office space. IT support workers assist individuals and companies with troubleshooting issues regarding networks, computers or other technological systems. These services allow firms to promptly solve tech problems, keeping employees productive.
For the most part, a service business relies on a team of highly trained and experienced employees to complete its operations. However, there are other times when it makes sense to hire external business service providers. For example, a company might decide to employ a security firm instead of a full-time employee in order to save on overhead costs. Alternatively, a business may opt to hire a construction company for building renovations rather than bring in a crew with their own expensive tools.
As the demand for business services continues to rise, it’s important that organizations understand how to identify and utilize these external resources to maximize their potential. This is especially true in today’s rapidly evolving business landscape, where the skills required for success are constantly changing. To keep up, businesses should look for new ways to streamline their processes and leverage the capabilities of the modern workforce. This includes leveraging new technology, embracing agile principles, and adopting unique process-centric approaches that open doors for future growth. To learn more about how to optimize your business services, check out this infographic from Forage. Also, to gain practical knowledge of these areas, consider completing one of Forage’s free virtual work programs. You can find our complete catalog of courses here.