Business services are activities that benefit a company without producing a physical product. Companies rely on these services to improve productivity, reduce costs and meet customer demands. Some examples of business services include translation, technology support and real estate management.
As the number of businesses grows, the need for these services increases. These services can be provided in-house or through external service providers. Outsourcing allows internal employees to focus on core tasks and frees up time for employees who may be more suited to other duties. These services also allow a company to access expertise that it might not have in-house.
A firm can hire language professionals to translate documents, participate in seminars and conversations with clients who speak a different language or provide technical support for an office’s technological devices. This type of business service helps companies remain competitive and attract more clients by eliminating communication barriers.
For businesses that do not have the resources to provide these services, outsourcing is a cost-effective alternative. An experienced team of experts can perform the work more efficiently than a company’s inexperienced employees, which saves the business money and allows its employees to develop new skills.
Real estate management business services involve locating, leasing and managing commercial real estate. The work includes evaluating property, collecting rent, providing maintenance and helping to negotiate lease agreements. Often, these firms help businesses find workspaces that meet their company’s requirements for safety, capacity and cost.
Managing a business that provides services requires a different mindset than a manufacturing company, such as focusing on the experiences that customers will value rather than the characteristics of a product. Business services managers must also balance the autonomy of revenue-generating line managers with the collective value of shared service models. Without strong centralized leadership, revenue-generating managers tend to overrule shared services leaders in times of strategic distress, which can undermine performance.
A firm that offers financial business services can help companies with financing and debt management. These firms can offer lines of credit, merchant cash advances, business loans and other forms of funding to help a company grow. They can also provide accounting and bookkeeping services to businesses and prepare tax returns for them.
In addition to offering these types of services, some companies provide personal business services to their employees. For example, some organizations employ childcare providers to host in-office day care centers for their employees, which can help workers maintain a work/life balance while reducing the costs of paying for private child care.
Other personal business services may include on-site gyms, relaxation rooms and transportation. These can help companies promote a healthy work environment and boost employee morale. However, these services can be costly and might not be a good fit for all workers. If a person does not enjoy working in stressful, fast-paced environments, this career path might not be for them.