Business services are the supporting activities that enable the operations of a company. They include all intangible services that are needed by businesses to carry out their work, such as IT services, banking, insurance, transportation and warehousing. Services like these help a company function and grow by making it possible for them to conduct business with their customers and vendors.
There are many different types of business services available to companies, and they can vary depending on the industry. For example, IT services can provide computer support for a company’s systems, while banking can help a company manage its finances. The transportation and warehousing industries ensure that a company has access to the raw materials it needs for production as well as the finished goods it will sell to its customers.
In addition, a wide range of other intangible services are necessary for the operation of a business, including consulting, information technology support, payroll management and human resources support. The financial industry offers business-to-business (B2B) banking and insurance services, such as business loans and lines of credit.
Another important type of business service is logistics, which includes warehousing, distribution and supply chain management. It can also include value-added functions, such as repackaging and labeling. This category of business services is growing rapidly, and it is expected to continue to do so because of the increasing importance of outsourcing.
Other types of business services that can be used by any company include legal and employment services, as well as facility management and catering. These industries help a company maintain a positive reputation by protecting its brand, creating and maintaining a professional image and helping it comply with regulatory requirements.
Companies that offer these services often need to hire employees with specialized skills and expertise, which makes it a good choice to outsource some of their business-related tasks. This can save them time and money while also allowing them to focus on their core business activities.
This section provides an overview of employment and unemployment in the Professional and Business Services supersector group. It contains data on employment and the rate of unemployment, as well as other related information such as labor turnover, union membership and representation, occupational injuries and illnesses, and projected job gains and losses. The data are obtained from surveys conducted by employers and from a national survey of households.