Business services are activities that benefit companies without supplying them with physical products. They include a broad range of functions such as warehousing, marketing, supply chain management and inter and intra-departmental communication. These services help companies improve efficiency, productivity and customer service, while cutting costs and reducing risk. They can also make it easier for a company to respond quickly to changing market conditions or consumer demands.
One type of business services is known as business-to-business (B2B). These services take place between businesses and are different from business to consumer (B2C) or business to government (B2G) transactions. For example, a car manufacturer performs B2B transactions with wholesaler companies that provide them with tires, rubber hoses and other parts and materials required to build cars.
Another category of business services is finance. This includes banking and insurance services. It can also refer to other types of financial support, such as lines of credit and merchant cash advances. Financial services can be used to cover the costs of new equipment, expansion or everyday operating expenses.
Other business services include drafting, lectures and speakers’ bureaus, notary publics, sign painting, water softeners and auctioneering on commission or fee basis. For globalEDGE, all work related to money or asset management that a company requires is classified under Financial Services. Similarly, all miscellaneous help that a company may need is classified under Business Services.