Business services are the non-financial support activities that enable a company to function and earn profits. These intangible products can include anything from consulting and advice to marketing and branding support. They are used by businesses to reduce costs, improve productivity and gain a competitive advantage.
The business services industry is a large and varied one. It encompasses a wide variety of different categories of service, including accounting, finance, insurance, marketing, IT support, and more. These services are offered by companies of all sizes, from small startups to multinational corporations. Many business services are provided by independent consultants or freelancers. Others are offered by companies that specialize in a particular field.
Some examples of business services are consulting and advice, IT support, property and equipment maintenance, advertising and graphic design. These are all essential for any company to operate and earn revenue. Many businesses outsource these functions to third-party providers, which can be more cost-effective than maintaining internal teams.
In addition to saving money, outsourcing business services can also improve efficiency by allowing companies to focus on their core strengths. For example, a company that produces and sells technology can outsource their IT support to an outside firm. This can free up resources within the organization to focus on new technologies and product development.
This type of service is also known as a business to business (B2B) transaction. It is in contrast to a business to consumer or business to government transaction. A B2B transaction can occur between any two trade organizations, such as a car manufacturing company and the wholesaler that provides them with tires, rubber hoses, and other parts needed to make the cars.
A career in business services can offer good pay and benefits, including paid vacation time, medical care and maternity leave. Employees in this industry also tend to have access to a good number of professional development opportunities and training programs. However, it is important for employees to keep in mind that a career in this industry can be incredibly stressful.
The tables below show information on employment and unemployment in the business services industry, along with gross job gains, losses, union membership and representation, and occupational job forecasts. These data are sourced from the Bureau of Labor Statistics’ American Community Survey. To view the tables, click on the column headings. To sort the table, use the corresponding icons at the top of the column. To add a column, click on the icon again. The tables are arranged by default by favorites. You can filter and sort by favorites by clicking on the star icon. You can also create custom dashboards to display and monitor the most important business services metrics. To learn more, visit the Creating Dashboards page.