Business services are an essential component of the economy. These services include those related to banking, transportation, warehousing and insurance. They also include professional and legal services, employment services and facility management. These services are vital for a country’s economic competitiveness. The European Union (EU) is promoting growth in the sector through new policy actions.
Service businesses offer intangible products for a fee, unlike product-based companies that provide physical goods. They are important for many economies around the world, providing a significant share of GDP in most countries. In the US, they are responsible for 11% of GDP.
A service business must get four things right to thrive: customers, employees, process and technology. Customer needs are changing, and these changes require service providers to adapt their approach. Customers want more personalized and efficient experiences. They also want sustainable, environmentally friendly options, like green cleaning and online coaching. In addition, they are demanding greater control over their own time and money.
Employees need the tools to succeed. They want clear, user-friendly processes and an easy way to access data and reports. They also need the ability to work remotely, and they need access to data on their mobile devices. Technology is becoming more advanced, and business applications are helping to streamline processes and increase productivity.
Companies must also invest in training their employees. Often, this is done through outside agencies. These services can help companies hire the best candidates, reduce training time and improve overall productivity.