Types of Business Services?

               
Introduction: - Business services are those services which help in successful running of a business. Business services are provided to customers supporting their needs sometimes through the support for a business process or directly supporting a business or product delivered to end customers. Some of the examples of business services are Banking, Insurance, Transport, Warehousing and Communication. Business cannot be imagined in the absence of these services.

The Following are the main types of business services

1.       Banking Services: -Banking services are those services which facilitate to provide finance to the business in any form. Like a bank provides the facility of loan to the business, business needs finance to purchase properties and for its daily routine expenses. It also provides draft facility, locker facility, debit and credit card facility to his account holder.                                                                                                                                                                                                                                              

2.       Insurance Services: -An Insurance company, after charging a definite fee (premium), transfers the risk of the businessman to itself. In the signed insurance agreement, the insurance company promises to pay a fixed amount to the insured either on the expiry of a fixed period or in case of a mishap (accident). Insurance are of many types, like life-insurance, fire insurance, marine insurance, etc.

3.       Transport Services: -Transportation means to transfer goods, people, etc. from one place to another. Transportation is mainly used to take raw materials, finished goods, human resources, etc from one place to another. Transport plays a significant role in the development of business, because only through the medium of transportation essential products, raw material and human resources are taken from one place to another.

4.       Warehousing: -In the modern business era/world, warehousing is of significant importance. Warehousing means to store the material in a regular manner. The time of production and utilization of the product can vary. Thus the problem of preserving the product until its use arises. This problem can be solved by the way of warehousing.

Communication: - Communication means a process of exchanging messages between or among people to create common understanding. Communication is the main aid to trade. With this medium, enquiry about the products and services are made, orders are placed, complaints and suggestions are registered and business transactions are finalized.