Business services are a vital part of the economy. In fact, they account for the largest portion of GDP in most countries. These services include consulting, advice, and other types of work. They are a subset of the tertiary sector according to economic theory. In addition, they often complement primary and secondary industries.
As a general rule, business services are intangible. However, companies may offer specific business products as tangible goods as well. For example, a company might sell software as a service in order to maximize revenue from the product. In other cases, a business might offer a physical product such as food or drinks to its customers in addition to its business services.
The nature of business services is diverse and can cover many different aspects of a company’s operation. Some common examples of business services are delivery services, utility services, and real estate services. Other services can relate to employee quality of life, like in-office day care and medical services, or they can be more logistics-related, such as warehousing, transportation, and waste management.
The most important aspect of a successful business service company is its ability to design an attractive offering that attracts and manages the right customers. In the past, this has involved creating an appealing product or brand that customers would value and then designing operational processes to deliver that experience consistently. As new areas of service business design emerge, however, managers need to adapt their tool kits.