Business Services
Business services are activities that support other business operations without producing any tangible product. They include everything from IT management and software development to marketing, finance, consulting, telecommunications and much more. Many of these services are also provided by outsourced companies rather than in-house staff.
A successful service business often involves a detailed consultation and contract with prospective clients before the actual work starts. It also relies on high quality customer service to generate new business and referrals. In addition, it can be helpful to focus on a niche market and provide specialized services to stand out from competitors.
The business services industry includes a diverse range of activities from basic utilities like IT support and marketing to advisory services for mergers and acquisitions. It is a very fast-growing and dynamic sector, with a wide range of technologies being utilized to deliver these services. This has led to an increasing number of companies offering a range of cloud-based services that can be easily accessed and scaled up or down as the company requires.
Establishments primarily engaged in providing business services are classified in the Wholesale Trade industry. This includes services such as notaries public, drafting services, lecture bureaus and water softening and cleaning services, which are performed on a commission or fee basis rather than on a job-order basis. However, it does not include the issuance of bondspersons, which are classified in the Insurance industry.