The Business Services industry is made up of firms providing professional, scientific, or other technical services such as: consulting, legal, architectural, tax/accounting, lab/scientific testing, safety and security, design, information technology, facilities management, environmental testing, equipment testing, or advertising and marketing services. Virtually all industries require some third-party services to operate which contributes to the immense size of this sector at $2.4 trillion in annual revenue nationally.
Disposable income at the business, consumer and government level is a significant driver for this industry. In general, Business Service firms enjoy low capital investment, little market concentration, and relatively light regulation, offset by high competition, and low barriers to entry. Technological efficiencies, data, and analytics continue to be front and center when it comes to innovation in this sector. Additionally, cybersecurity issues present legitimate concerns for companies in this industry especially as it pertains to client data privacy, but also provides opportunity for information technology service providers to offer assistance. More broadly, the constant changes in supply chains, regulation, consumer preferences, and overall business models will provide opportunity but also create disruption for professional services firms who cannot adapt. Additionally, companies in this space are grappling with changes in employee preferences especially when it comes to office space, work-life balance, and company culture.
In the Business Services industry, MorrisAnderson has successfully worked on cases in the roles of Financial Advisor, Refinancing, Debt Restructuring, and Interim Management. A more detailed list of specific industries is as follows:
Environmental & Facilities Services
Security & Alarm Services
Equipment Test Services