In business, the term “business services” refers to any type of support work that a company requires but does not directly produce its own goods or services. This includes everything from HR shared services to IT management. The primary aim of business services is to help a business achieve its operational goals as efficiently as possible.
Unlike physical products, most business services are not stockable and cannot be delivered on demand. This makes it difficult to determine a value for the service, which can make it challenging to price and market. As a result, some business services may not be well understood or appreciated by customers and are often overlooked.
A wide range of businesses provide business services. Some of these include human resources shared services, which offer a variety of efficiencies by consolidating various functions such as payroll processing and employee onboarding, as well as financial shared services like accounts payable and receivable management. IT managed services also fall into this category, as they help companies reduce their IT costs and improve IT performance.
Insurance services are another common business service. These include life and health insurance policies for employees, as well as policies for company properties and practices. Other types of business services include delivery services, which help companies move supplies between locations, as well as childcare businesses, which can save time and money by allowing employees to maintain a healthy work-life balance. Utility service businesses are also a part of the business services category, providing water, electricity and gas to offices.