Question

Write Short Note on the following:
Types of business services

Answer 1

The following are the various types of business services:
i. Banking services - Finance is the most important input needed to run any business. An efficient banking facility ensures easy and ready availability of cheap credit to businessmen and traders; thus, it acts as an auxiliary to trade.
ii. Insurance services - Insurance acts as a protection against these risks. On the payment of a nominal premium, the loss suffered by a business can be recovered from the insurance company concerned.
iii. Transport services - They enable a producer to purchase raw materials and other inputs from various places and sell the final product in different regions. They facilitate the transfer of goods and labour from one place to another.
iv. Warehousing services - They provide the facility of storage of goods. These services help businesses to store goods and also facilitate the availability of goods when required.
v. Communication services - It is through communication that different parties seek information about various products and services. Communication services are also used for placing orders, registering complaints, making suggestions, etc