Business services are non-tangible products and activities that help companies function. They include a range of tasks that do not produce a physical product, such as IT support, cleaning and transportation services. Businesses may outsource their business services to reduce overhead or increase efficiency. Business services are vital to the economy in many countries, contributing up to 50% of GDP. Some of the largest business services are banking, airlines and software companies.

A company’s success is heavily dependent on the effectiveness of its business service providers. These professionals must be competent in fulfilling a customer’s needs and provide a positive experience to maintain client satisfaction and encourage repeat business. Business services companies must constantly monitor and evaluate their work and train employees to improve service. This can be challenging, as service quality is difficult to measure.

In addition to providing high-quality, timely services, successful service providers must be able to adapt to the changing needs of customers and competitors. They must also manage employees’ performance and development, which can be difficult if the business has a large number of employees.

As with product-oriented businesses, service-based firms must design their offerings to meet the needs and desires of attractive groups of customers. This requires a shift in perspective, where managers focus on what makes their business special instead of what it does. This new approach is a major challenge for many organizations, as it demands a broad set of skills that many managers do not possess.

The four elements of service design are service attributes, value propositions, customer journeys and operational processes. They can be used to create a blueprint for service success that guides how and where money is spent. These elements are interconnected, and the most successful service businesses have a plan that focuses on all four elements.

While most business services are provided by a third party, there are a few that can be delivered in-house. For example, a company can hire a maintenance team to repair malfunctioning equipment. These employees can also perform preventative maintenance to keep the equipment in good working condition. This can help companies save on expenses and avoid costly repairs in the future.

Businesses can also outsource their accounting and other financial services to business service providers. These companies can provide a variety of solutions, including cash flow forecasting, tax planning and compliance, risk management and more. In some cases, these firms can help companies find financing for growth and expansion.

There are three types of business services: business-to-business, business-to-consumer and social services. Business-to-business, or B2B, services help other businesses for a flat or hourly rate. These companies can help other businesses reduce costs or generate more output. Business-to-consumer, or B2C, services provide goods and services directly to the consumer. These companies are usually funded through taxes and charitable organizations, but they can also receive funds from sales transactions.

In SL1, you can mark a service as a favorite by clicking the star icon (). This will make it appear at the top of the Business Services page by default. To remove a service from the list of favorites, click the icon again.