Business services are a broad sector of the economy. They include a variety of non-financial business activities and include everything from advertising and marketing to consultation, waste handling, staffing services, shipping, administration and security.
They are important to European competitiveness because they help increase the value of products through new combinations of goods and services. They also play a key role in the’servitisation’ of the economy and provide a significant contribution to the EU’s economic growth.
The business services sector contributes 11% of EU GDP, and is a vital sector for Europe’s competitiveness. The European Commission aims to improve productivity in this area through various policy actions.
It is essential for the success of a business to offer a range of useful services. These services can be used by both businesses and consumers.
There are many types of business services available and the industry is a large one with huge potential for growth. Here are just some of the more common business service sectors:
Personal Services
Employees often hire a wide range of personal services in order to improve their work-life balance and keep stress levels at a minimum. These services may include massage therapists, chiropractors, pet sitters and more.
Maintenance Services
Companies often need maintenance services to help ensure that their buildings, equipment and property remain in good condition. These professionals are trained to troubleshoot issues and make repairs quickly and efficiently, allowing companies to continue operating smoothly.
Tech Support
Technological issues can cause severe disruptions to a company’s operations, so companies need technicians who are skilled at dealing with all kinds of technical problems. These workers help firms fix computer and network issues promptly, enabling employees to stay productive and avoid long wait times.
Insurance Services
The majority of businesses need insurance services, both for their physical assets and for the people that work for them. This helps protect their livelihoods and the value of their properties, ensuring that the organization can continue to thrive even in difficult economic times.
Training Services
Another service that many organizations need is training. Whether an organization is starting up a new product or rebranding its brand, they often need to train their staff in order to achieve their goals. Fortunately, these businesses can easily find external agencies to teach their employees the necessary skills.
They can also use these services to help them meet new customers and increase their overall sales. These services are often offered at a fraction of the cost that they would otherwise spend on hiring a full-time staff member.
These services are often referred to as ‘virtual’, as they can be performed remotely from any location with a reliable internet connection. These services allow companies to receive critical supplies and other items without having to physically shop for them, reducing costs.
In the past, these services were only provided by large corporations, but the rise of the Internet has opened up the opportunity for small businesses to become part of the business service industry. This allows them to provide a service that they can be proud of, and is a great way for smaller companies to expand their customer base.