The service sector of our economy doesn’t produce any tangible goods. If that is the case, why should we devote a single line to it? Have you ever tried to fix your leaky washer or a broken television? Is your favorite puppy a little under the weather? It is the service portion of our economy that produces the services, repairs, training, and consulting that help our country thrive, and that includes your puppy!
Essential to every aspect of our lives, the service sector is responsible for about two-thirds of all economic activities in the U.S. economy. It is the third part of our three-part economy. Part one involves agricultural business, farming, and mining, while part two relates to manufacturing and activities responsible for tangible good production.
Today, service businesses rely more and more on the ‘knowledge economy,’ the technology of service. It is a strategy of outdoing a competitor by identifying your customers’ needs and satisfying them both quickly and more economically than your competitors.
The right financing program to purchase or upgrade equipment, improve cashflow, acquire a competitor, replace inventory, or establish a working capital line of credit. Our financial experts at K-WAM are here to help you bridge the information technology gap. For additional information, send a message to our team, Click here.