Business services encompass a wide range of tasks, and they are an important part of the economy. In fact, they account for 11% of EU GDP.
Unlike products, which can be stockpiled for future use, services have to be consumed immediately. Therefore, customer involvement is essential to provide them. In addition, service businesses require different skills than product companies.
To ensure high-quality service, a company may need to hire experts in various fields. For example, a construction firm needs professional crews to build and renovate office buildings and other facilities. This can be expensive, but hiring an experienced team will save the organization money in the long run.
Additionally, a company might employ technical support workers to assist employees with computer, network, and other technological issues. This will help the staff stay productive and avoid losing productivity due to technical difficulties.
Finally, a company might hire an executive assistant to manage the daily operations of the company and assist the CEO with his or her duties. This will help the company avoid mistakes and keep the executives informed about all the important developments.
In a broader sense, the success of a service business depends on four things: its offering, its people, its processes, and its management. However, it is difficult to identify best practices for these aspects of a service business because they are interrelated. Nevertheless, a successful service business will likely have the right tool kit to address each of these elements.