Business services are a subset of economic services that offer an intangible value. They are primarily consumed by businesses. The types of services that are classified as business services vary widely. Some examples are consulting, outsourcing, technology, training, and other miscellaneous help that companies may need. This industry is a large sector of the economy. It is also a common business model that can be operated in many ways.
Some business services are very similar to consumer services. For example, a cloud storage service might be available to consumers with different features or prices, but the business version might have better data redundancy and more power tools. This type of business model is called a service commoditization model.
In addition to the value of an intangible asset, a business service can help companies focus on strategic-based internal goals. This can free them from labor-intensive tasks that might not be as important to the company’s overall success.
Depending on the industry and the needs of the individual company, business services can be offered to both businesses and end consumers. For example, a company might hire a marketing consultant to give them advice on running an advertising campaign. A consultant can help a company create a plan that will meet its marketing objectives while staying within budget.
Business services are a very large industry and are consumed by both business-to-business (B2B) and business-to-consumer (B2C) customers. There are a number of benefits to the use of business services, including reduced costs, improved productivity, and greater flexibility.