Four Dimensions of the Service Economy

Business services

The professional and business services sector, which includes administrative and support service providers, is one of the largest in the economy, employing more than 11 million workers across Europe. It is an increasingly important part of the value chain, boosting competitiveness and adding to the overall productivity of Europe’s economy.

Many different types of business services exist, providing companies with a variety of ways to save time and money while also offering convenience and luxury. Some examples include animal control and pest extermination, which keep workplaces free from unwanted intruders and ensure the health and safety of employees; maintenance service professionals who address any issues with equipment or property that may arise; tech support specialists who help resolve computer or other technology-related problems; and landscaping services that take care of a company’s outdoor spaces.

These services are often provided by third-party companies and can involve a variety of activities, such as receiving and storing goods, packing and shipping orders, performing light assembly, repackaging goods, marking prices and establishing inventory. The success or failure of a service business, however, doesn’t really depend on any of these individual areas; rather, it comes down to whether the company gets four things right.

These are the four dimensions of the service economy:

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