Business Services
The business services industry is a broad category of industries that provide non-financial support to companies. It is a very important part of the economy, and it has a huge impact on companies and consumers alike. Some of the most common business services are advertising, marketing, consultation, logistics (including travel and facilities services), staffing services, shipping, administration, and security services. Companies rely on these types of businesses to outsource work that doesn’t fall within their expertise, as well as for other necessary functions that would be difficult or impossible to perform in-house.
The type of work performed by these businesses varies, as do the types of companies that use them. For example, some business services are offered by the IT industry, while others are provided by the finance industry. The IT industry provides technology support and infrastructure services for other businesses. Financial services are more geared towards individuals and include things like banking, investments, and insurance.
Other business services include IT security services, facility management, and waste disposal. Some companies hire animal control or pest extermination services to handle any issues with infestations that may occur on the company’s property. Likewise, some companies have in-office day cares to provide convenience for employees and allow them to keep their schedules consistent.
Another type of business service is known as a B2B (business to business) transaction. These transactions take place between two trade organizations and are different than B2C (business to consumer) or B2G (business to government). B2B transactions can involve companies buying wholesale products from suppliers to manufacture them into retail goods. For instance, a car manufacturing company performs B2B transactions with a wholesaler to buy the tires and rubber hoses they need to build their cars.