Business services are the specialized offerings and support functions that allow businesses to operate, thrive and grow. From the legal intricacies of corporate governance to IT solutions that keep digital systems running, they are the unsung heroes behind the scenes, enabling companies to focus on their core strengths.
Companies that provide business services often offer a wide range of solutions that can be customized to fit specific needs. Examples include consulting, software, human resources, warehousing, shipping and waste handling. The industry is a global one with many large players in regions such as Europe and North America. Major companies in the sector include ADP, Allegis Group, Adecco, ManpowerGroup and Randstad.
This category of businesses offers a range of value-added and logistics services, such as warehousing, distribution and transportation, in addition to information technology and financial management. They help manufacturers and other firms distribute goods and work with customers to ensure that there are sufficient supplies of product. Other business services include providing insurance and facilitating travel arrangements and meetings.
Service-based businesses generally require less start-up capital because they don’t produce products. These businesses typically have a smaller inventory and the quality of their services can vary depending on their level of interaction with customers, expertise and knowledge. They also may provide exclusive services for their clients, which can be a benefit or a disadvantage. This type of business model requires a great deal of interaction and communication with the client, which can result in greater satisfaction for both parties.