Business services are activities that support an organization, but do not produce a tangible product. This includes a wide range of activities, from IT management to staffing, consulting and even waste management. These activities are typically done outside of the company by third parties or are outsourced to specialty providers who offer a more efficient way of performing them. For example, a software service might upgrade security features on a company’s technological devices, or provide training for employees on new systems.

A successful service business depends on four things: customer relationships, employee engagement, quality, and technology. These aspects are interconnected, and best practices are constantly evolving. The future of this sector is bright, with new opportunities for companies to leverage their capabilities in innovative ways and create value for customers.

The tertiary sector of the economy is made up of businesses that do not produce tangible products but offer experiences, consultation and advice. Examples include hotels, tour guide companies and fitness clubs. They are also important to economic development, making up a significant portion of GDP in many countries.

The underlying idea behind business services is that companies need help with non-core functions and tasks that are not essential to their core product offerings, such as IT support, recruitment or training, or facilities management. This allows a business to focus on its product offerings while maintaining an excellent level of service and efficiency by outsourcing the less crucial operations to specialists who can perform them more efficiently.