We begin 2024 in just a few days. For many people, it is a stressful time wrapping up the year and beginning the next. However, it is our goal to help relieve some of that stress. We asked Senior M&A Analyst, Jared Tanke to share a few key questions to ask yourself now, in order to keep 2024 in focus and make it your best year yet:
- What went well in 2023? By asking yourself this question, you must recall the past 12 months and identify the things that you, your staff, did well. Was there anything you changed or did differently this year than years past, and if so, how did that look and feel? Sometimes this is done by performing a SWOT analysis, which goes out identifying your strengths and weaknesses, and your opportunities and threats. While we sometimes harp on our weaknesses, we must also keep a mindset that recognizes our strengths and celebrates our victories.
- What do the families that you serve really want? In The Foresight Companies most recent Funeral and Cemetery Consumer Behavior Study, we found that only 43% of consumers are aware of what cremation memorialization is, and only 57% are aware of memorial products. However, when we surveyed the industry, 93% believe that consumers are aware of cremation memorialization and that 89% are aware of memorial products. There is a massive gap in what the profession believes the consumer knows, and what the actual consumer knows. With the current cremation rate almost hitting 60% and expected to continuously grow, everyone is going to see a shift in their service mix. There is a huge opportunity and need to start educating consumers on the different products and services that are out there for cremation. If you know what the families want, and can do a good job of educating them on all of the different ways they can best remember their loved ones, you will be ahead of your peers as cremation rates continue to increase.
- What do you want to accomplish in 2024? The title of the blog post is “keeping your future in focus”. If you are someone who struggles to come up with goals for the new year, think about what would make you truly happy and excited if it was successful next year. Maybe it is to improve your margins by a small percentage, or maybe it is to become more involved in the community. Then, the goal planning becomes easy as you identify what steps need to happen to put that in place.
As the last days of the year go by, we can either stay status quo and keep doing what we have been doing, or we can make small steps towards being a little bit better. I have identified just a few simple questions that can spark hours or even days of thought, that should lead to some constructive actions for your business. The choice is ours, and those small steps you do now may turn out to be the most critical ones as we maneuver through an industry that is constantly changing with generations. If you are stuck or need some extra help in analyzing the last year or looking at the new year through a different lens, we at Foresight would love to come in and help.
Do you have a question for us? Email firstname.lastname@example.org today for a chance to have your question spotlighted in our next blog!