Business Services

Business services are activities that support and enhance the operations of a company. They may include technical services such as IT support or financial services, as well as marketing and human resources. These services are a critical component of any company and often represent the largest percentage of a firm’s total costs. In addition, business services allow companies to outsource noncore functions and to concentrate on their core competencies. Outsourcing can help firms to reduce their operating expenses, increase productivity, and improve their competitive advantage.

The Business Services Center, launched in the 2012-13 Executive Budget, increases efficiencies and lower costs by streamlining transactional Human Resource and Finance services that are common across New York State agencies. The center also provides a wide range of innovative and creative professional services.

This report provides an overview of business services in the United States, including industry data on employment and unemployment, union membership, gross job gains and losses, and projected occupational change. It also discusses the characteristics of services businesses and highlights the ways in which they compete with each other.

The report also compares the cost of providing a service to acquiring a good. It shows that, in many cases, the cost of a service is less than the price of an equivalent good. This is due to the fact that a service does not involve the production of any physical goods and is an intangible product. As a result, services cannot be stored in inventory like goods can and they are usually delivered to customers as soon as they are produced.

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