Business services are various actions/activities that help businesses to maintain and operate without delivering any tangible product. This industry covers a major part of the commercial world and includes everything from professional services like counseling or legal advice to technical services such as IT support or interpreting/translation services.
In the three-sector economic theory, service is considered a tertiary sector because it does not produce or sell tangible products. However, it is a large industry and an important aspect of the economy because it is needed by manufacturing and other service sectors for success.
Some examples of business services include administrative and support services, financial services, logistics services and waste management. These are all necessary for a company to operate efficiently and are also required by individuals and organizations for everyday life.
A key to success for a service business is finding a niche market and filling it with a quality product. This can be achieved by focusing on a specific audience or providing an activity that has not yet been done well. For example, a translation company can provide a service to companies that want to expand into new markets by translating documents and other materials into the language of choice.
Another way to distinguish a business service is by looking at its value. A service that provides a direct benefit to the company’s bottom line is more valuable than one that does not. For example, a logistics service that helps reduce the cost of transportation for goods is more valuable than one that simply tracks shipments.