Verizon Communications (VZ -4.67%) isn't known for being a growth stock. Investors generally buy telecom stocks for the stability and dividends, and Verizon does offer an incredibly attractive yield of nearly 7%.

But there's an underrated growth angle to the business that investors shouldn't overlook -- and that relates to the commercial side of its operations. Here's why that could be a great opportunity for Verizon in the long run.

The consumer business remains its bread and butter

Verizon is, for the most part, a consumer business. The bulk of its revenue comes from consumer-related revenue, which accounts for 77% of its top line.

Chart showing Verizon's revenue streams.

Image source: The Motley Fool.

This can be a challenging structure, because it means that the company is dependent on the strength of the consumer. But as readers will note from the chart above, the consumer business has been growing at a higher rate than the company's business segment, where revenue of $7.9 billion only rose by a little more than 1%, compared to over 4% on the consumer side.

Even more importantly, the company remained incredibly profitable, posting profit margins averaging over 15% in the last few years.

VZ Profit Margin (Quarterly) Chart

VZ Profit Margin (Quarterly) data by YCharts

Why the business segment should improve

The big opportunity for Verizon is to improve on this consumer/business split and attract more business consumers onto its services. However, with companies being more conservative in their spending this year amid concerns about a recession coming, it could be a while before there's a significant uptick in growth.

But the positive is that Verizon is getting more customers on board, and potentially building for more growth in the future. Last quarter the company reported 176,000 postpaid phone net additions on its business segment -- that's the sixth straight quarter that has been above 150,000.

The company is also making private 5G networks a "strategic focus" this year, and that could attract more business consumers. Private 5G networks can provide a business with better Wi-Fi range and speeds, while also making it easier to manage from a security standpoint.

Verizon also recently unveiled a videoconferencing plan that allows users to have one-on-one or group meetings of up to 25 people -- at no charge. Its BlueJeans basic plan promises unlimited meetings and has no time limit. That could be effective in luring away customers from Zoom Video Communications to try the BlueJeans videoconferencing service.

And if this works, there's the potential to upgrade them onto a paid plan. Any way to attract more business customers could be a great move for Verizon in bolstering that side of its business.

Is Verizon a buy?

Paying nearly a 7% dividend yield and with the business still generating positive results, Verizon could be an excellent stock to buy today. The company also has an impressive track record of increasing its dividend payments for 16 consecutive years, giving investors plenty of incentive to buy and hold what's still a solid telecom stock.

Currently, the stock is insanely cheap, trading at just over 7 times earnings, giving investors a good margin of safety in case the business struggles. But based on its previous results, both the consumer and business side of its operations look resilient, and there are plenty of catalysts that could help lead to more business growth in the future.