Business services are a recognizable subset of non-economic services and share characteristics with other non-market sectors. However, in much the same way as market-based services differ from non-market-based services, they do business-oriented services and their features. However, the key difference is that businesses concern themselves with developing service systems to deliver value not only to their clients but also to perform the vital functions of the service user and service provider. They, therefore, tend to exhibit the following key attributes.
Clients require business services to make informed decisions regarding strategic business priorities, products, and services. The importance of this extends to intangible assets, such as patents, copyrights, trade secrets, and knowledge. Moreover, some intangible assets may not be susceptible to transfer under customary contractual conditions, such as the intangible assets created in a business using the application of an invention, process, program, method, design, or strategy.
Furthermore, customers need business services that enable them to access the financial data they require to make informed decisions. These could include billing records, purchase orders, accounting information, customer lists, and so on.
Also, clients require specific business services to attract and retain their most promising employees. Thus, an employee’s ability to perform his job is often more important than his technical skills. Although these may not be tangible assets, these are needs that must be satisfied for the firm to grow and prosper. Again, they cannot be measured in monetary terms; however, they can be quantified in terms of loyalty, perceived trust, and other desirable indicators.