Funeral service accounting

December 21, 2020

 Talk Dirty to Me!

In funeral service, it’s all about that dirty word.  Businesses and families alike have all been faced with major challenges in 2020, largely in part due to COVID-19 and the devastating effects it has had on life, liberty and the pursuit of happiness, which includes financial independence. Funeral service is no different … or is it? If you have been in the profession for any significant length of time, you have heard someone say to you, “Well, at least your business is recession proof, because people are always going to die.” Although this may be a true state­ment in many ways, we have seen the effects of what happens when family and friends cannot come together to honor, celebrate and remember a life well lived. In many instances during the pandemic, we have seen our business shift to one of […]
December 21, 2020

Step 12: Tying It All Together

Life is what happens when you’re making other plans. In September 2019, my publisher shared with me his idea for 2020’s editorial theme: “20/20 Vision.” Thus, we meticulously laid out the focus of each month’s article and left my December column – the one you’re reading right now – to arrange all of the pieces and tie the previous 11 months together. Well, guess what? It can no longer be done! For the record, in 30 years of writing articles for The Director, I have never all-capped a sentence. Moreover, I’ve worked with my publisher for at least 25 years, but he did not take the novel coronavirus into consideration. The COVID-19 pandemic, which has killed more than 220,000 people and scarred the health of millions more, turned his plans and your business upside down! As a study my company […]
November 23, 2020

Are You Prepared for Your Future?

Develop a firm plan of action that increases financial stamina and improves customer experience. Preparation requires planning. We plan for all sorts of events that may never impact us: fire, theft, accident, natural disaster. We plan for the birth of a child, birthdays, graduations and weddings. We even plan for the inevitable – our demise! So, if we plan for so many other things, how come so many of us do not plan for the success of our business? Is it too time consuming? Perhaps. Are we simply complacent? Probably. Is it even necessary? Most definitely! Defining one’s strategy, identifying needs, allocating resources, setting priorities to reach certain benchmarks and instituting control mechanisms to identify potential pitfalls are all part of the strategic planning process. There should be short- and long-term plans in place for your business – for its […]
November 23, 2020

Step 11: Valuation and Business Succession

The top five uninformed mistakes people make when buying or selling a funeral home. First, dear reader, understand that our relationship involves mutual responsibilities. As the author, I write. As the reader, you, er… well, you read. I promise never to lie to you in my monthly columns. You promise never to plagiarize my articles. Given our sacred relationship, I must therefore make sure you understand this month’s subtitle: “The top five uninformed mistakes…” Note it does not say, “The five uninformed mistakes,” but instead, “The top five uninformed mistakes.” In 35 years, I’ve simply seen too many mistakes to list them all in a 1,500-word article. Maybe, after I retire, I will write another book about all the errors people make. Secondly, dear reader, understand that these errors are not limited to buyers or to sellers but to both […]
October 25, 2020

Step 10: Borrowing and Cash Management

Neither a borrower nor a lender be. – Hamlet, Act 1, Scene 3 I quoted Lord Polonius from Shakespeare’s famous play because I needed someone expressing the wrong opinion on the merits of borrowing. Sure, I could have quoted any of 200 different radio talk show hosts, but then I might appear narrow-minded or opinionated. I also could have quoted several funeral home owners, but then they might feel offended. Anyway, in this 10th installment of our 12-part 20/20 vision of rebuilding your funeral business, I will explain borrowing, give examples of when and when not to borrow and note from whom you should and should not borrow. And, of course, I will do all of this without using mathematics or being opinionated… BORROWING DURING A PANDEMIC There is only one certainty during a pandemic to a business owner: You […]
Call Now Button
The Foresight Companies Home Page Floating Banner