Articles

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 26, 2020

Foresight Focus Whitepaper: Embracing Transparency to Drive Profitability

Introduction It is fundamentally accepted that new technologies have transformed the way we do business in almost every sector over the past 25 years. It is equally true that the pandemic has opened the floodgates in terms of how consumers look at, look for, and consume information at the convenience and touch of their fingertips. This has especially increased the competition among service-based businesses and companies. For example, large grocery chains have been offering curbside services for several years. However, a consumer now has the ability to hire a personal shopper via a mobile app to accomplish this task of grocery shopping for him/her and have the groceries delivered right to his/her door. Or in our case for the funeral and cemetery profession, the pandemic has forever changed how the presentation, communication, and consumption of information is shared and experienced […]
October 26, 2020

Foresight Focus Whitepaper: Five Ways Technology is Transforming the Profession

 Introduction  Our recently published 2020 Foresight Funeral and Cemetery Consumer Behavior Study (FCCBS) outlined how Covid-19 has driven technology to forever alter the funeral and cemetery profession. The impact of this change has aff­ected not only how funeral homes and cemeteries present their services and off­erings to the general public, but has also influenced how mourners actually participate in the burial and grieving processes. There are three main ways in which technology is changing our profession. The first is the clear consumer preference for the availability of pricing information online. 75% of consumers now state they want access to pricing online, and over half (52%) say they will only do business in the future with companies that provide online pricing, per 2020 FCCBS. The second is the use of virtual meetings, fundamentally changing both the Pre-Need and At-Need sales processes […]
October 25, 2020

Ask the Experts! Your questions on financing answered by Foresight!

One service area that we are always asked for insight and guidance on is our Business Financing Services. For this month’s column, we combined all of the most popular financing questions into one comprehensive article. Continue reading below as Doug Gober, Partner provides some insights on SBA financing, debt refinancing, borrowing limits, and more.  Question: Why would I want to get SBA financing instead of going to my local bank? Doug Gober: Since its inception, SBA lending has become very popular because it opens the door to a larger base of entrepreneurs transitioning into businesses. It does so by reducing the amount of initial investment required and extending the terms on of the loan. Unless you have significant investment dollars available, it is difficult for quality, skilled people to become a business owner using conventional lending. Conventional commercial lending effectively […]
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