Business services are activities that benefit businesses without supplying tangible products. They are a critical part of the economy and include things like advertising, consulting, logistical services, waste handling, staffing and shipping, among many others. Many of these services are provided by companies that specialize in them and can be a significant source of revenue for companies.
Business service providers often have specialized expertise that can help a company focus on its core business goals and improve efficiency. They can also provide a flexible and cost-effective solution for companies with variable output needs. For example, a firm may hire an outside firm to manage its payroll or an accounting firm to audit its financial records.
It is important to understand how different types of business services are classified in order to effectively manage them. For instance, at globalEDGE we classify all work related to money and assets as part of the Financial Services industry, while all other miscellaneous help a business might need is considered to be part of the Business Services industry.
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