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 
Stephanie Ramsey on November 25, 2024
Stephanie Ramsey on November 25, 2024Will you be prepared for the evolving funeral and cemetery professions? Unbelievably, the 21st century marks its 25th year shortly. With 2025 just around the corner, it is a pivotal moment to reflect on the evolving needs and expectations of families, as well as the broader societal shifts impacting how we handle death and mourning. The next few years promise significant changes driven by technological advancements, shifting cultural attitudes, and evolving demographic trends. How can funeral professionals prepare for these changes to better serve their communities and continue to be profitable? Let’s explore the key areas to consider as you formulate your plan. Embracing Technological Advancements The Foresight 2024 Funeral and Cemetery Consumer Behavior Study (2024 FCCBS) highlights several technological trends that are reshaping the funeral and cemetery profession. Embracing these changes is crucial for staying relevant: Virtual and Hybrid […]
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 
Nicole Vullo on November 25, 2024
Nicole Vullo on November 25, 2024Contributed by the Lawyers at WRW Legal, PLLC: Wendy Russell Wiener, Lauren Pettine and Henry Thompson As the new year approaches, each business should be engaged in both reflection and anticipation. Ensuring that all your licenses, both facility and individual, are current and properly renewed is a key to ensuring you get off to a good start in 2025. This seems such a basic idea which might be why so many businesses fail to secure, maintain and renew their licenses each year. Consider these: Many state regulators’ budgets are supported, partly or wholly, by the fines the regulator generates from the industry. Put more simply, when you fail to renew your license the time you operate “on” the expired license is actually unlicensed practice. States impose fines for unlicensed practice that range from small to $10,000 per occurrence and more. […]