Business services are the tasks that support a company’s activities, but don’t produce physical products. They help maintain the operations of companies by providing marketing, production, safety and cost services.
Some of the most common types of business services include transportation, utilities, and real estate. These business services provide essential products and supplies without needing to be physically purchased, saving companies time and money while offering convenience for employees.
Most businesses need to maintain a proper budget and record of investments, taxes, and other costs. These services are usually performed by a finance department, though they may also require help from a financial consultant or advisor.
Many enterprises need to hire and train their employees. These services are typically performed by external agencies, but some companies have their own in-house training programs.
Technology & Digitalization
In the last few years, technology and digitalization have transformed the business services sector. Now, a variety of businesses are providing these services through web platforms and systems, or mobile apps.
These innovations have made the industry more competitive, allowing business services providers to adapt quickly to changing market demands. But they still face some legal and regulatory barriers that can slow growth. To address these issues, the EU is taking action, through legislation and policy initiatives, to stimulate the growth of business services in Europe. These include the ‘Services DirectiveEN***’, which allows service providers to set up in another EU country and provide services across borders.