Business services are intangible activities that assist companies but do not produce a physical product. For example, a company may need a contractor to fix a broken appliance or a marketing agency to help it improve its brand image. Many of these businesses are found in the hospitality sector, but there are also many in other industries, including consulting, pet care and home health.
What Makes a Successful Service Business?
A successful service business offers excellent customer service, provides top-notch services that exceed client expectations and focuses on developing a niche market. In addition, a strong business plan and effective marketing strategies are vital for a service business to thrive.
Businesses use business-to-business (B2B) services to save time and money, as well as improve productivity. For example, a manufacturing company might hire a B2B service provider to help with quality assurance, accounting and facilities management, while a technology firm might provide software services to add features and upgrade security on an employee’s computer or phone.
Other B2B services include warehousing, transportation and insurance. These services allow a company to focus on its core competencies and outsource labor that would be difficult or impossible to perform in-house.
The B2B services industry is growing, with an expected 2.1% annual employment growth between 2020 and 2030, according to data and research company Statista. However, the work can be stressful and fast-paced, so if you don’t handle stress well or have a hard time working in a highly competitive environment, a career in B2B services might not be right for you.