Business services are non-production activities supporting a company’s core business and consist of administrative tasks such as accounting, legal work, human resources management, insurance, and more. These can be performed in-house or outsourced to specialized companies. Often, these services can be very personalized and tailored to the needs of each client. They are also usually scalable, meaning that a business can adjust the amount of service they receive depending on their current needs.
A form of business service called a business-to-business (B2B) transaction occurs between trade organizations, such as a wholesaler and a retailer or a car manufacturing company and an auto parts supplier. A B2B relationship is more complex than a business to consumer or business to government transaction. A B2B relationship has more specialized requirements, such as the need to provide unique technical information or product specifications to meet customer demands.
In the B2B industry, it is important to stay on top of new trends and technology to remain competitive. For example, a company may need to adopt cloud-based software or virtual private network (VPN) services to increase business agility and improve visibility into their IT assets across hybrid infrastructure.
Other business service trends include the growth of specialized services that are customized for individual clients, such as virtual bookkeeping and telemedicine, or the increasing demand for sustainable practices, such as eco-friendly cleaning or green energy consulting. Other trends include the popularity of remote working and online platforms, which have led to an increased demand for virtual business services such as e-commerce hosting or virtual bookkeeping.