The Business services industry comprises all the non-manufacturing activities that support a company’s ability to produce goods and provide a service. These services may include IT support, marketing and accounting. These activities allow a business to operate efficiently and effectively, and improve its competitive position in the market. These services are also essential for attracting and retaining employees.
Companies can outsource some of their business services to third-party providers. These third-party providers can have specialized expertise that is not available within the company. In addition, outsourcing can be more cost-effective than providing these services in-house. However, determining which services are best outsourced can be challenging. The Business services industry is growing rapidly, and it will continue to grow as technology continues to change the world.
A service business typically engages in a detailed consultation with prospective clients before the work begins. A contract is then signed, with a defined scope of work and associated metrics, and a non-disclosure agreement might be signed if applicable. This allows the service business to understand what needs to be done and to ensure the client is satisfied with the result.
These activities can range from a catering service for an industry conference to a firm that inspects electrical appliances to make sure they comply with safety standards. They can also include marketing services that help businesses design new campaigns, create new content, increase return on ad spend, and reach more customers through multiple channels. Marketing services can be a significant expense for a company, so it is often cost-effective to outsource this activity to a third party.
Business services can also be provided in-house. Some of these in-house services can be very specialized, such as a law firm that provides legal advice for other businesses or an accounting firm that audits the finances of other companies. In addition, some services that were previously outsourced can now be performed in-house, such as IT support.
The business services industry is part of the service-providing industries supersector group. The following table displays key data relating to this industry. The data includes employment and unemployment by occupational sector, gross job gains or losses by industry, and the percentage of workers employed in a private-sector business that is classified as a business service.
In addition to these key statistics, the table also contains a list of the top ten largest employers in this industry, as well as the average wage for all employees in the industry.
To filter the display of Business services by a specific category, click the icon to the left of the category title. Then select the desired criteria from the filters menu. To display the results in a sortable table, use the sorting options at the top of the page. To add a service to the Favorite Service list, click the star icon (). You can view your favorite services at the top of the Business Services page by default and include them in the multi-sort function.
