October 30, 2024
Written by Jarod Bernat We’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 […]
October 30, 2024
Written by Foresight’s Business Unit of Stephanie Ramsey and Axel Jean-Francois Running a successful funeral home involves understanding where your business stands in the profession. At Foresight, we help funeral home owners gain valuable insights into their business’s financial health by analyzing trends and averages. But what does this mean for you, and how can it benefit your business? This post offers some practical tips on how comparing your business’s financial results to funeral and cemetery profession averages can help you make informed decisions—without needing a background in finance. Why Data is Important As a funeral home owner, you might not think daily about comparing your numbers to others in the profession. But knowing where your business stands is essential for long-term success. At Foresight, we use data to create benchmarks—standard points of comparison—that help you see how your costs, […]
October 30, 2024
In today’s fast-paced, digital world, businesses across industries must adapt to stay competitive, and funeral service providers are no exception. With changing consumer behavior, it’s clear that clients are not going back to traditional ways. The shift in consumer preferences means business owners must meet their clients where they are. Those that don’t adapt will lose out. Fortunately, there are modern marketing strategies that can help funeral businesses stay relevant and competitive. Personalized Marketing Consumers expect personalized interactions. For funeral service providers, this means creating tailored services and communications that resonate during difficult times. Use segmented email campaigns to address specific client needs, and customize content that speaks directly to various audiences, such as families experiencing recent loss or those planning for the future. Search Engine Optimization (SEO) SEO remains critical for visibility. Optimize your website for local searches and […]
October 30, 2024
Written by Foresight’s Business Unit of Jared Tanke and Matt Blackwell You may have been approached in the past about purchasing a competing funeral home, or maybe you have actively approached some of your competitors about purchasing their firm so you can grow your market share. One way or another, you have probably heard something about Mergers and Acquisitions (M&A). It’s true that acquisitions can be a great way to grow your business, but you should understand the risks associated with them. Alarmingly, studies show that between 70% and 90% of acquisitions fail to deliver the anticipated value. Despite these statistics, M&A activity continues to rise, fueled by the demand for growth amidst sluggish organic expansion. Understanding the inherent risks associated with these transactions is essential for navigating these challenges effectively. Overpaying Overpaying for an acquisition is one of the […]
September 27, 2024
Diligent business owners must adapt to meet their clients where they are because it’s clear consumers aren’t going back. I first stumbled onto the phrase “nothing changes if nothing changes” while scrolling through Instagram in May 2023. As an older millennial, Instagram is where I get most of my daily laughs and content, as opposed to TikTok. (Boy, do I feel old saying that TikTok is too young for me… but I digress.) When I first saw the saying, my immediate response was, “Well, obviously!” Little did I know at the time, however, that this would become my personal mantra the following month as I began a new lifestyle journey after deciding to finally get into shape. (If anyone needs Pilates studio recommendations or suggestions on plant based protein powders, I’m your girl!) After first reading the expression, it might […]