Business services are a broad group of activities that assist a company but do not involve the production of a tangible product. Examples include information technology, consulting, staffing, warehousing and shipping services. These activities enable businesses to operate efficiently and provide customers with the products and services they need.
The growth of business service companies has been fueled by the need for more efficient supply chains in the global economy. In addition, business services provide a wide range of benefits for companies, including cost savings, flexibility and the ability to tap into a worldwide pool of talent.
Whether you’re starting up a new company or need help expanding your current business, Business Services can help. From accounting and budgeting, to economic development and IT, we can connect you with the resources you need to succeed.
For example, the Business Services team can provide you with financial forecasting and projections to support your business plan. We can also help you develop advertising and marketing strategies, identify competitors and find suppliers. We also offer access to a wide variety of training courses for small businesses, from basic computer skills and bookkeeping to management and business planning.
As business services become increasingly important, companies are turning to outside partners for help. Warehousing services are becoming an integral part of the distribution chain, as companies look to save time and money by letting warehouses handle storage and shipping functions.
The industry is also benefiting from technological advances. For instance, data processing has helped streamline communications with suppliers and customers. In turn, this has reduced costs and improved the speed at which orders are processed. It has also made it possible for firms to work closely with manufacturers, allowing them to monitor quality and provide feedback on product designs.
Many jobs in the industry require interpersonal skills. For example, a restaurant worker must be able to interact with customers in an approachable and friendly manner. This type of interaction can make or break a customer’s experience at the restaurant, and may influence the number of repeat visits and referrals to the establishment.
Moreover, business service employees must be competent in the tasks assigned to them. For example, a customer who dithers at a fast-food counter can delay the delivery of food to other customers waiting in line. This can lead to frustrated customers and, ultimately, a loss of revenue for the restaurant.
A successful business services strategy begins with the design of a service model that will attract attractive customers and meet their needs and wants. Unlike product businesses, which focus on characteristics that customers will value, service managers must shift their thinking to a more holistic view of the service offering and how it fits into an appealing market segment.