December 23, 2024
Published by 
Jared Tanke on December 23, 2024
Jared Tanke on December 23, 2024A study performed in 2021 by Clutch, a leading B2B research firm, found that just 54% of small business owners had a documented budget that year. While I am optimistic that our profession skews higher than that, I’m sure those numbers may in fact ring true. That means there are a lot of funeral homes and cemeteries out there that have no real way of measuring their performance versus a benchmark, and that means it would be challenging to put forth any sort of financial goal. Since it is already challenging running a successful funeral home, we want to make at least one thing easier. I want to touch on just a few benefits of having a well-documented budget. Accountability – If you have ever gotten into a fitness routine and followed a training schedule, you know how important accountability […]
November 25, 2024
Published by 
Gabriel Ngo on November 25, 2024
Gabriel Ngo on November 25, 2024Transparency’s Importance in Deathcare’s Online Pricing It almost seems as though The Dalai Lama’s quote is specifically directed at this crossroads where we are, concerning consumer sentiments and online pricing of funeral and cemetery services and goods. I know that you all are probably tired of hearing or reading about online pricing. In the future, we all anticipate having online pricing become a requirement by the Federal Trade Commission (FTC) in some form, shape, or fashion. For some of you, your state already has mandated that you publish your pricing online. This article, however, is not about the FTC, any mandates, or requirements, etc., it is about what consumers want in this ever-advancing technological world, and why you should give it to them: As of 2022, Baby Boomers make up roughly 21% of the population in the United States. Generation […]
November 25, 2024
Published by 
Jarod Bernat on November 25, 2024
Jarod Bernat on November 25, 2024The highs and lows of business valuation and the tools and processes you need in place for a successful transfer of ownership. It’s been difficult not to notice the craziness happening all around us and how it impacts the economy in turn. Just consider that the funeral service profession also experienced some of the most significant ups and downs throughout the COVID pandemic and its aftermath. With death rates fluctuating year to year and competent staffing becoming increasingly more difficult to retain, combined with the overall shift in the economic environment today, tracking the value of your business has been anything but linear lately. In the 2023 NFDA Member Succession Planning Study, only 53.1% of owners surveyed responded that they knew the value of their business. Even then, this does not differentiate “yes” responses among those who know the value […]
November 25, 2024
Published by 
Luke Potter on November 25, 2024
Luke Potter on November 25, 2024A SWOT analysis is a strategic planning tool that helps businesses and organizations assess their internal strengths and weaknesses, as well as the external opportunities and threats they face. The acronym stands for Strengths, Weaknesses, Opportunities, and Threats. By conducting a SWOT analysis, an organization can gain valuable insights into where it stands in the market, what it does well, where it may be falling short, and how it can capitalize on emerging trends or mitigate potential risks. For funeral home operators, performing a SWOT analysis is crucial to improving service quality, boosting customer satisfaction, and staying competitive in a market that requires sensitivity, professionalism, and trust. What is a SWOT Analysis? A SWOT analysis involves evaluating both internal and external factors that can influence a business’s performance. The internal factors include strengths and weaknesses, while external factors encompass opportunities […]
October 30, 2024
Published by Jarod Bernat on October 30, 2024
Jarod Bernat on October 30, 2024We’ve all heard the common adage “Location, Location, Location” used to denote which important factors influence home values most. This phrase also proves to be just as applicable to cemeteries and funeral homes, but not just because these businesses are often operated out of valuable commercial properties. The location, and more specifically, the demographics of the service markets of these businesses, impact how we must approach strategic business planning with regards to pricing, staffing, and succession planning. “Demographics” as a broad term refer to the statistical data and characteristics relating to a defined population and the groups within it. In a profession like ours, this information is vital to the success of our businesses now and in the future, since the communities we serve often determine their service provider based on whom they feel most comfortable with and relate to […]