Business services refer to the various tasks and activities that help maintain a company, even without delivering a physical product. These activities can include information technology, finance and procurement, and shipping services.
The value of these services cannot be determined with tangible goods such as cash and checks because they do not have a physical form. Instead, these services are intangible and require specialized expertise and equipment to complete.
Often referred to as the “Service industry,” the business services sector is a major contributor to European economy. It consists of professional, technical and support services such as accounting and consulting, market research, staffing and facility management.
This industry is vital to the European economy and contributes to 11% of GDP. The EU is working to stimulate the growth of business services by removing legal barriers and stimulating competition in the market.
Aside from the economic services sector, there are also many other sectors that fall under this category. Some of the common areas are utilities, real estate and personal services.
Utility service businesses provide water, electricity and gas to companies in order to keep offices and workplaces running smoothly. These services can be a great benefit to employees and employers alike.
Another service that is frequently provided by businesses is child care, especially in-office daycare. This helps workers with families maintain a good work-life balance and saves them money on childcare costs.
Some other business services include software, which enhances and updates computer and mobile devices. These services also help companies and individuals quickly troubleshoot technical issues and remain productive. Other examples of these types of services include interpreters, who assist with translations.