Business services are activities that benefit a company without supplying it with physical products. They include marketing, production, safety, cost and convenience. They are provided by both a company’s employees and outside vendors. For example, a lawyer could assist a business with legal matters. A doctor could treat a company employee for an illness.
In terms of the three-sector economic theory, services are considered tertiary because they don’t produce tangible goods like the primary sector produces commodities and the secondary sector manufactures goods. However, the economy’s largest sector is the service industry. It includes the industries that provide experiences, consultation and advice. This is an important component of the knowledge economy and is growing rapidly.
The most common business services are:
Some businesses offer a wide variety of services to companies and individuals. Examples of these services include: