What Are Business Services?

Business services are various intangible products or operations that facilitate and assist businesses in achieving their business objectives. They are used by most businesses, thus forming a significant part of the economy. Examples of business services include IT, banking, insurance and transportation. Despite the absence of a tangible product, they are essential for companies to operate and remain competitive.

The main characteristics of business services are intangibility, inseparability and non-repeatability. Intangibility means that the service is not present in a physical form and cannot be stored as inventory for future use. Inseparability, on the other hand, refers to the fact that service production and consumption occur simultaneously. Finally, non-repeatability refers to the fact that a business service has to be performed exclusively each time it is needed.

Examples of business services include consulting, outsourcing and professional services. These types of services are provided to businesses for a fee, such as legal advice and labor support. Business services also include management and administrative services, such as data and analytics, HR and customer support.

Typically, careers in business services require a minimum of a high school diploma or GED certificate. However, some roles may need a bachelor’s or master’s degree. Regardless of the educational requirements, a career in business services offers plenty of growth opportunities. For example, if you work as a consultant, you can advance to project manager or even director depending on your experience. You can even learn new skills by participating in one of the many free virtual work programs offered by Forage.