As I can see in Office 365 features, it can be a competitor to Google Apps today.

Office 365 was on public on 28th of June this year and provide 3 plans:

• Office 365 for enterprise: For businesses with internal or partner-supported IT staff and resources. Add on plans are available for information workers with dedicated PCs and kiosk workers (such as baristas or physicians) who share a PC and need only Web-based access.
• Office 365 for small business: Designed for businesses without dedicated IT staff or resources.
• Office 365 for education: Designed for schools and a replacement for the Office Live@edu service.

Check the plan here, for professionals and small business, 6$/user/month, it’s expensive than Google Apps but if go for business and need to pay, which one will you choose?

MS Office 365 Products provide:

• Microsoft Exchange Online
• Microsoft SharePoint Online
• Microsoft Lync Online
• Office Professional Plus
• Office Web Apps

Check detail: Wiki Pedia | MS Office 365 Website

Update 09/04/18:

I believe this won’t be enough, we need more tools to support the business and I think, you can have a look to 30 apps review for small business by cloudwards, they have listed out detail enough to go.