Business services are activities that support companies without delivering a physical product. They include information technology (IT) support, procurement, shipping, and finance. Companies rely on these services for marketing, production, safety, cost, and convenience reasons. They can be provided by businesses themselves or purchased from outside providers.
Many business-to-business (B2B) companies provide accounting and financial services to other businesses. These services may help companies collect outstanding invoices or manage their accounts payable by making payments according to different payment terms. These services also help companies comply with tax regulations by preparing and filing taxes.
Some businesses rely on third-party service providers to handle shipping and fulfillment for online sales. These third-party providers can be located anywhere in the world and have the expertise to manage complex international shipping processes. They can also offer flexibility and scalability in response to changing business needs.
Another example of a B2B service is an insurance company that offers business insurance to other businesses. These insurance providers can cover employees, customers, and equipment with policies that reduce risk. They can also offer flexible payment plans and a variety of other benefits to attract clients.
Other B2B service businesses focus on providing maintenance and technical services to companies. These companies may provide janitorial and waste management services, or they may offer IT support in the form of managed services. This industry also includes companies that help customers select products and negotiate contracts. This type of business is growing rapidly in the United States.