The Business services industry encompasses a wide range of businesses that provide non-financial services to other companies. These services may include consulting, advertising, marketing, logistics (including travel and facilities), staffing services, waste handling and even shipping services. These services help a company focus on its core strengths while outsourcing labor that may not fall within its expertise or capability.
These services are very different from traditional manufacturing services in that they do not create a physical product. They can be used by both large and small firms and cover a major portion of the commercial industry. In the past, companies tended to hire in-house employees to perform business service functions but today, many choose to outsource this work.
Some of the most common business services include consulting, information technology, accounting and marketing. These are vital areas for any company and can greatly impact its success. Other business services include management training, payroll and human resources services. These are all necessary components of a successful company and are provided by many different companies.
In addition, the business services industry includes companies that provide a wide variety of other support functions. These companies help a firm to operate and reduce costs and improve efficiency. The responsibilities of these companies can vary from building maintenance to providing training to employees.
Other important aspects of the business services industry are insurance, telecommunications and real estate. All of these areas can be very costly for a business and therefore it is important for a company to minimize its risk. Insurance services can help a company to reduce its financial burden while telecommunications and real estate services allow a firm to expand its operations.