The Business services industry encompasses any industry that supports a company’s infrastructure, operations or productivity. This includes IT, financial and administrative work such as accounting, taxes, payroll, investments, and administration; waste management; procurement, shipping, and logistics; and more. The success or failure of a service business often comes down to whether the company gets four things right: service design, customer relationships, delivery, and value.
In a broad sense, the term “business service” refers to any industry that provides support for a business but doesn’t produce a tangible product. A restaurant is an example of a business service that provides food, but also offers the ambience, setting, and clearing of tables, etc. Other examples include cleaning and maintenance services, pest extermination, and even utilities that deliver water or electricity.
Unlike goods, which can be stored or distributed for use at a later time, business services must be consumed and delivered as demanded. This intangibility can make it more difficult to measure and quantify the performance of a business service, but it’s still possible to improve customer satisfaction and retention. One way to do so is to focus on one thing well, as being excellent in a single area can be more captivating than being average or subpar at many different things. In addition, it’s important for businesses in this industry to consider how their work impacts the environment and community. Lastly, it’s essential to align IT assets with the needs of the business to ensure success and profitability.