Business services are the intangible products or services that help serve as the backbone of a company and its operations. They are not physical and include things like information technology, accounting, legal, marketing and miscellaneous help that a company might require.
As the world continues to become more globalized and competitive, companies rely more and more on specialized business services to compete. Some of these specialized services can include things like warehousing and transportation, which helps get goods from manufacturers to consumers as quickly as possible. Other specialized business services can include data processing, customer support and marketing research. Some examples of business services would be a payroll service, accounting software and a consulting firm that provides advice to a company about its growth potential.
Some of the most common specialized business services are banking services and financial services. In the case of a bank, these may include everything from depositing and withdrawing money to accepting checks, providing an ATM machine and giving loans or credit lines to businesses. A large number of businesses also rely on other specialized business services such as IT, insurance and marketing.
The emergence of new technologies and communications networks has changed the way that business services operate. More and more specialized business services are being delivered through web platforms, systems or mobile apps. This has helped to reduce costs and increase the speed at which specialized business services can be provided. In addition, it has allowed a wider range of customers to access specialized business services that they might otherwise not be able to afford.
Business services can be divided into five categories based on their characteristics. These are inseparability, interactivity, consistency and inventory. Inseparability refers to the fact that a business service is often produced and consumed at the same time. It is also important to note that a business service can not be saved for later use, as a product could be. Interactivity is another important characteristic of a business service, as it involves the interaction of a person or people. For example, a customer who dithers at a fast food counter can slow down the delivery of the service to other customers behind him.
Consistency is an important factor in a business service, as it ensures that the customer receives the same level of quality every time he or she uses the service. The ability to deliver the same quality consistently can be a competitive advantage for a business that provides a recurring service such as a lawn care or cleaning company. In addition, it is important for a business that offers a recurring service to provide customer satisfaction surveys and feedback. This can be used to make improvements or changes to the service that will increase its value to the customer. This can be an effective tool for retaining customers and attracting new ones. In difficult economic times, many customers cut back on the use of business services as they prioritize spending on essentials such as food and housing. This can be an opportunity for business services to increase their value to customers and increase revenues.