The wheels of commerce

Professional services companies face the challenges of pricing pressures, regulatory changes and increasing competition. But those that allow their business models to evolve while maintaining an unwavering focus on cost management and enthusiasm for innovation have found a winning formula.

Financial and related professional services are integral to the European economy and the links between financial markets across the region remain key to its prosperity. Business services are also essential resources for manufacturing and other service sectors, and play a central role in the ‘servitisation’ of the European economy. The EU is the world’s leading exporter of financial services, with extra-EU exports of €78bn accounting for about a quarter of global financial services exports. Significant opportunities exist within the sector, but in order to profit from them, businesses need to have robust risk-management strategies in place.

Sector at a glance

• 11.5m people are employed in the EU’s professional, scientific and technical services sector
• 3.9m companies are classified within the sector
• €600.2bn is generated by the sector

The life-blood of our economy

> Read the commentary by Ulrike Rabmer-Koller, President, UEAPME on the importance of SMEs to Europe's economic future.