The emergence of business services has changed the way we think about trade. These intangible services provide support to companies and organizations. They are a crucial component of the economy and include banking, IT, warehousing, marketing and inter and intra-departmental communication.
Most modern business theorists see a continuum with pure service on one end and pure commodity good on the other end. Most products fall somewhere in the middle, providing both goods and services. The key difference between product and service is that goods can be stocked and stored for future use, while services must be delivered at the moment of demand.
To successfully compete in a business service industry, you must have a strong knowledge of the customer’s needs and desires. You also need to be able to define and implement standard operating procedures (SOPs) and develop training programs for your employees. You must also create a system for accepting online bookings, quoting work, scheduling jobs and invoicing clients.
Whether it’s pest control, office cleaning or transportation, a company depends on business services to stay productive and competitive. Many businesses outsource these tasks to meet their specific goals while remaining focused on their core competencies.