Business services are intangible assets provided by companies to enhance the quality of their employees’ lives and operations. Although these assets are intangible, they are a growing industry. The primary concern of businesses is to develop service systems and deliver value to customers. They can be grouped into two broad categories, economic services and business services.
Business services are intangible
Business services are non-tangible, non-visible goods that are essential to the functioning of many industries. These services can be in-house or provided by a third party business. Though they cannot be seen, touched, or smelled, they still provide people with many benefits. And unlike tangible products, business services do not require an inventory. They are also consumed immediately.
As a result, these services cannot be seen, touched, or heard. The only way consumers will experience business services is to use them. The quality of these services may differ from provider to provider. This is because they are intangible and cannot be stored for future consumption.
They support companies’ operations
Business services are those activities that support the operations of other businesses. These services often do not result in tangible products. Instead, they provide expertise and convenience to businesses. For example, secretarial services in the 1960s and 1970s required a good electric typewriter, but the secretarial services of 2030 may require new technology.
They improve employee quality of life
A company’s work environment can have a huge impact on the quality of life for its employees. An environment that is friendly, comfortable, and safe is critical to employee wellbeing. After all, employees bring their attitudes and work ethics to the workplace, so it makes sense to give them the tools to be happy and productive. This is where business services come into play.
An improved quality of life at work leads to improved employee engagement and a happier workforce. This in turn boosts a company’s performance. And happy employees mean happier customers. In a recent survey of 4,805 SME leaders across seven countries, the Sodexo Group found that improving employee quality of life can boost financial turnover for 70% of SMEs. Further, 86% of companies saw an increase in productivity as a result of their work/life balance initiative.
They are a growing industry
The Business Services sector is a diverse and growing industry. The industry is predicted to grow at a CAGR of 1.8% until 2022. Every business needs consulting, risk assessments, strong IT and dynamic networking. This is an industry that offers a lot of opportunity. Moreover, it is one of the fastest growing sectors.
The business services sector is huge and diverse. There are companies that specialize in just about every field. You can even build your own business if you want to provide specific services. Whether you have an interest in accounting, marketing, advertising, or any other industry, you can find something that suits you here.
