We’ve all been there. Lost in a reactive mindset. Getting so caught up by the day to day that we forget to really strategize for the future. Nobody could blame you for only focusing on what’s right in front of you, especially in uncertain times.
But investing expert Doug Gober encourages you to set your sights out further, offering a glimpse into how smart funeral professionals are investing in their future success.
Putting yourself in a strategic position to succeed in the future usually requires some investment in your operation. Here’s what some of the most successful funeral homes in the United States are doing with their money to grow their business:
Investment #1: Change that leads to innovation
Every industry must adapt to the state of the world around it. The traditions and beliefs that historically led people to their local funeral homes are changing. And this means funeral professionals have to invest in new and different ways of doing things. Instead of lamenting the changing landscape of the market, embrace it and find ways to use it to your benefit.
Look at the retail store Sears, which was once the industry giant, with about 40,000 unique items. For a long time, this was considered a lot of stuff to have for sale! Then K-Mart came along, with double the amount of items in stock. Subsequently, Wal-Mart entered the scene and within a short time had absolutely dominated the retail world with over 150,000 different items available to consumers. It seemed like the pinnacle of what was possible for a retail company.
Of course, it wasn’t. Times changed, people changed, technology advanced – and a company called Amazon had positioned themselves to take advantage of the situation. Gone was the brick-and-mortar store and, along with it, the inventory limitations. Suddenly, consumers had access to tens of billions of different items at their fingertips.
The physical stores that survived the Amazon revolution have had to radically alter their strategy to stay afloat. They now have online ordering and delivery service. Many even have in-store kiosks so people can get what they need without having to walk the aisles.
If you don’t adapt your strategy to meet the changing needs of people and the constant evolution of technology, you will eventually struggle and possibly even fail as a business. Adopt a forward-thinking attitude and accept that “the way things have always been done” may no longer be the best way to do things.
Investment #2: Convenience of a crematorium
If you don’t already offer cremation, it might be time to think about adding this to your menu of services. More people than ever are choosing cremation over burial, a trend that is expected to continue. Data shows that crematories tend to be profitable.
Many funeral homes have taken the crematory to a whole new level by reimagining what such a space looks like and how it functions. Like everything else, the cremation experience is evolving. At some funeral homes, crematories are taking on a more high-end design, and being reinvented as bright, welcoming spaces where a person’s family would feel comfortable gathering.
Investment #3: Upgrading your existing facilities
Investing in your facilities is investing in the people of your community. Maybe your building could use an update. Gone are the days when people expected funeral homes to look plain and stark. Today’s funeral home is more beautiful and more architecturally interesting. And it’s never a bad idea to ramp up your curb appeal by improving your landscape design.
Learn more: Leverage Your Facilities to Host Non-Creepy, Effective In-Person Gatherings
[BONUS TIP] Invest in your website.
Don’t forget about your funeral home website. Nobody will know about all the great improvements you’ve made or the services you offer if they don’t know you exist. The right website won’t just attract new leads, but it can help you save time and money by providing multiple ways to serve your customers – without you having to lift a finger. Your site is one of the most important investments you can make in your business.
Click here to find out more about what makes our websites different than the rest, and how we can help you position yourself for success now and far into the future.
Learn more: How Well is Your Funeral Home Website Performing? [QUIZ]
Now’s the time to invest in the future of your business
When things get back to some kind of normal, will you be poised to profit? Gober shares our viewpoint: Don’t be afraid to scrap the status quo and think boldly about what you can do to create a better experience for the people you serve. It’s never too late to change course and move yourself in a more challenging – and rewarding – direction.
What are you investing in at your funeral home? Tell us about it in the comments below!
Rochelle Rietow
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