Business services are a broad category of industries that provides support to businesses, such as office administration, employee recruitment, travel arrangements, security, and cleaning. They are an important part of most economies and new technology has expanded their reach.
Characteristics of business services
The business service industry is one of the largest sectors in Europe and accounts for 11% of GDP. Its growth is driven by the development of new communication technologies and infrastructure.
Intangible: – A service is intangible because it does not have a physical form. For example, the building of a bank is visible, but the banking services can only be felt by the people who use them.
A service cannot be stored for the future, like goods can. It is only delivered when demanded by the customer.
Customer involvement: – A service provider has to involve the customers in the process of providing the service, as this ensures that they are satisfied with the outcome.
Inventory: – A service can’t be stored for the future, like goods can. For example, if you want a television in the future, it can’t be stored until it is needed.
The business service industry is a large and lucrative sector that offers many career opportunities to people with education and experience. They can choose to work in offices, on the road, or at home. It also allows workers to focus on their specific goals while partnering with others to complete tasks that require special expertise or equipment.