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Business Services - Examples of Business Services
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Business Services It’s easy to cultivate a desire in your mind which allows you to do something on your own. It doesn’t tire your brain muscles much to weave a dream that immediately transports you into a world where you happen to be your own boss – ‘a multi-billionaire business tycoon’ maybe, witnessing a colossal turnover and calculating profits in millions and billions of dollars! However, to transmute such reveries into a perceivable reality, it’s imperative to get acquainted with all the possible tools that pave the way for making any business, a run-away success! Whether you’re planning to start up a banking or finance business, or thinking about venturing into technology, information or real estate sector, one thing that you just can’t do away with, are the omnipotent “Business Services”. This sector acts has a helping ground for several companies and can be broadly segregated into three parts: • Professional, scientific, and technical services sector: Includes services like, legal advice, accounting, payroll, architectural, engineering, & computer services; consulting, research, transportation, photography etc. • Management of companies and enterprises sector: Includes establishments that normally undertake the strategic or organizational planning and decision-making role of the company • Administrative and support and waste management and remediation services sector: Comprises establishments performing routine support activities for the day-to-day operations of other organizations. Examples of Business Services: 1) Transportation Services: The transportation sector includes industries providing transportation of passengers and cargo, scenic and sightseeing transportation, and support activities related to modes of transportation. Companies in these industries use transportation equipment as a productive asset. The type of equipment depends on the mode of transportation. The modes of transportation are air, rail, water, road, and pipeline. 2) Utilities Services: This sector includes companies that are engaged in the provision of the electric power, natural gas, steam supply, water supply, and sewage removal etc. 3) Financial Services: Under this sector are included the following three types of activities: a) Raising funds by taking deposits and/or issuing securities b) underwriting insurance and annuities c) Providing specialized services facilitating or supporting financial inter-mediation, insurance etc. Planning: To have an edge over your competition in the business world, it is extremely important to have a well-drafted business plan with you. A Business plan outlines a set of business goals as well as the reasons, as to why those goals are believed attainable. It also includes the resources and finances available, and the possible means, to reach the desired goals of the company. A business plan is a valuable tool, required both for small and big corporations for either starting a new venture or helping the existing ones grow. Acting as an effective tool for defining the existing realities, a good business plan also provides a valuable communication tool which allows employees, banks, investors, etc. to get a clearer picture of any business. Business planning is an important aspect of the overall, ‘strategic planning’ (concerned with the main strategies and long-term perspective) of the company. Written down in a well-organized manner and concentrating on the minutest of details concerning, cost, resources, etc., a business plan helps managers complete a complex analysis of the whole business. Budgeting Before venturing into any business, it is important to analyze all the financial prospects well in advance. To achieve this, the process of “budgeting” is used. A budget is a powerful business tool that plays a big role in making sure that the companies make sound financial decisions. It enables you to develop and maintain a thorough understanding of the internal financial workings and prepare accurate forecasts of your business. Giving a visual description of the expected financial results of your business activities, a budget should be worked out well before beginning any business operations. A good budget covers about 12 to 14 months of business operation which should be reviewed, revised and updated time to time. Business enterprise solutions: In this high-tech world, no task is accomplished without the aid of computers and the Internet. ‘Enterprise Solutions’ are actually, the software applications that connect and manage information flows across complex organizations, allowing the owners/managers to make decisions based on information, that gives a true picture of the state, that their business is currently in. These systems provide services like automatic complex transaction processes etc. and this surely plays an instrumental role in curtailing the overall costs of the company. These solutions are designed to provide businesses with the necessary knowledge and skills needed across various spheres of the corporate proceedings. The main goal of this sector is to empower every aspect of a business by including in, a wide range of functionality such as, performance Management, planning, budgeting, analysis, customer relationship, product development and advanced analytic applications etc. Cash and treasury management The management of money flows and working capital, the bank costs, the conditions and the optimization of working capital, comes under the category of ‘Treasury Management’. Several companies need information and knowledge to optimize their financing structure. These days, there are several softwares in the market that help companies run their core treasury and cash management operations with efficiency, profitability and control. In banks, there are special Treasury Management cells or groups that explain and educate firms as to how to optimize their capital. Tax planning Proper tax planning is very important not just to reduce the tax liability but also to secure your future by ‘compulsory savings’ in various fund schemes, like, government schemes, donations, raising charity funds etc. This planning procedure involves, first of all, the calculation of taxable income (from salary, house, business, profession, capital gains etc.) and then the calculation of the tax on the gross taxable income. Once you’re aware of this, the next step is to either pay your tax or minimize it through careful tax planning. Risk management: Enterprise risk management includes the processes that are generally employed by the enterprises to manage risks (hazard, financial, operational or strategic) and capitalize on the opportunities related to the achievements of their objectives. To attain these goals, the concepts like, strategic/business planning, ‘operations-management’ and ‘internal control’ are put into use. This risk management proves significantly beneficial for addressing the needs of various stakeholders. |
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