Business services provide a wide range of intangible and non-financial support for businesses. They include advertising, marketing, and consultation services, logistics (including travel and facilities services), waste handling, staffing, shipping, administration, and security services to name a few.
Business-to-business service, also called B2B, involves a business helping another business for a fixed rate. Companies hire these services to improve their productivity and efficiency, which can help them stay competitive in a volatile marketplace.
Outsourcing specific tasks helps to focus on the company’s core competencies and saves time and resources. In addition, it can allow the business to access new technologies and expertise that they may not be able to afford in-house.
Finance shared services, such as human resources and payroll processing, enable businesses to reduce costs and boost efficiency by combining their HR and financial operations into one department.
Utility services, such as water and power, help keep workplaces running smoothly. This is especially beneficial for companies with seasonal output fluctuations.
Real estate services help companies find workspaces and arrange rental agreements for employees. They can also help with office moving and remodeling projects, which can save time and money.
Personal services, like child care and workout facilities, can also benefit employees’ work-life balance and reduce stress levels. Having these types of support allows workers to maintain a healthy lifestyle and remain productive, which can boost their performance on the job.
As a result, business services have become an increasingly important sector of the European economy. There is significant untapped growth potential in the sector and EU policy actions aim at stimulating its competitiveness.