Business services are intangible goods sold primarily to other businesses rather than to consumers. These intangible goods range from work as a service to the advice that a consultant might provide regarding a business’s financial situation or top level strategy.
The term “business services” encompasses a wide variety of activities that help companies run their operations efficiently and effectively. These business services include a variety of consulting, training, advising and evaluating services such as human resources, legal, marketing, information technology, accounting, facility management, logistics, shipping and security. These businesses often provide a vital service that helps companies concentrate on their core activities.
In many cases, business services are identical to consumer products with added features or quality. An example might be a computer cloud storage service that offers a higher data redundancy for a business customer. This model requires less start-up money than a product-based business and can grow and adapt quickly to changing needs and market dynamics.
For example, as the coronavirus pandemic has changed how companies operate, these businesses are rapidly evolving their offerings to accommodate new needs and customer expectations. This type of business also benefits from new communication technologies that allow for quick and easy outsourcing.
The data in this section is collected mainly through workplace surveys and covers the number of full-time workers and part-time employees, average wages and hourly rates, employment by major industry sector, union membership and representation, gross job gains and losses, and projections for occupational employment change. This section also provides information on workplace fatalities and the rate of work-related injuries and illnesses per 100 full-time workers in professional and business services.