Page B7 MAY 2023 FUNERAL HOME & CEMETERY NEWS Section B During turbulent economic times the natural tendency for many business owners and CEOs is to pull back the throttle and cut costs. There is another option: Zig while others zag and make smart investments, especially in technology, to position your business for rapid growth when the economy improves. Fighting the conventional wisdom to trim capital investments and payrolls takes courage in today’s business climate. Inflation is still high and the number of full services has been trending downward for the past several months, and that has funeral home owners and directors on edge. Our industry was aware the decline in services would happen – especially after mortality rates spiked to the highest level in 100 years during the pandemic – but it is still a tough pill to swallow. Add to that the increasing probability of a recession and you can see why deathcare professionals are concerned. It means sales and the jobs of their hard-working, dedicated employees are at risk. Many company leaders cut back on investing in their businesses during tough times. The more successful approach, according to researchers at Harvard and McKinsey, is to make disciplined investments. Harvard’s experts found that companies that slashed spending more than their peers during a recession had “only a 26% chance of becoming leaders” when the economy rebounded. McKinsey researchers estimated that companies that bucked conventional wisdom and invested in their business had shareholder returns that were 46% higher than peers that cut back. Each recession or economic slowdown is different. And since they develop over time (the pandemic being the notable exception), it is nearly impossible to predict when the tough times will begin. Nonetheless, savvy deathcare professionals can benefit from the insights of Harvard and McKinsey researchers to take the right steps to make their businesses more resilient, and significantly improve their competitive position when the economy recovers. Here are three ways technology can help you increase sales and enhance the productivity of your staff: 1. Investment in digital technology can help increase sales During a recession, it is vital that your funeral home maximizes the potential of every sales opportunity. With at-need revenues slipping, funeral directors should focus on building a robust preneed sales pipeline. Today’s digital tools can help funeral directors better assist the increasing number of families who are planning endBooth 925 Anthony O’Donnell Charles Anderson Jessica Ceille Jimmy Lucas PORTLAND,OR— The nation’s leading funeral homes and advance funeral planners from across the country have been honored by Precoa for their performance over the past year. Precoa’s advance funeral planners represent the highest concentration of milliondollar producers in the funeral profession, including several three-million-dollar producers and even a six-million-dollar producer. Brian Whittecar, Precoa vice president of sales, says the success of the company’s Advance Funeral Planners (AFPs) and funeral home partners is evidence of the effectiveness of the ProActive Model and the dedication of Precoa’s hard-working teams across the country. “We work with the best AFPs and best funeral homes in the profession, and I’m honored to be part of a team with such talent and drive,” Whittecar said. “Across Precoa, our teams and our funeral home partners build trust with families and each other. That connection enables and encourages us to thrive.” Massachusetts-based O’Donnell Funeral Home was named a Precoa Distinguished Top Funeral Homes, Performers Honored at Precoa Celebration Event Partner. A partner for six years, their willingness to test new innovations and consistent support of the ProActive Model® led to O’Donnell having their best sales year ever in 2022. A Precoa partner since 2017, Lucas Funeral Homes was honored as a Distinguished Partner. Texas-based Lucas grew their preneed program’s sales by more than 20 percent in 2022 and, more importantly, provided a path to healing for hundreds of families. Precoa also honored Charles Anderson, founder of the Outlook Group, with a Lifetime Achievement Award. Mark Hornibrook and Bret Davis founded Precoa as “a place where everyone treats each other with kindness, love, and respect.” Similar dreams inspired Charles Ander1-888-792-9315 • mymortuarycooler.com Scan QR for our website Cots not included MODEL # TR3 Triple Cot Roll-In Mortuary Cooler AMC N W FAST SHIPPING AVAILABLE ON SELECT PRODUCTS Be sure to visit! Booth 611 3 Reasons Investing in Technology During a Recession is a Smart Move By Bill Williams Bill Williams Continued on page B8 Continued on page B8 JOINTHE CFSA MEMBERSHIP CFSA has long been established as the trade association for the funeral supply industry, and we’re proud to represent the interests of those suppliers to the death care industry. Membership in the Casket and Funeral Supply Association of America is more than a wall plaque in the office or a sticker on the door to your business. It’s a network of people who not only understand what you do, they do what you do. BENEFITS Programs we offer include: • Industry statistics • DOT Drug & Alcohol Testing Program • Discounted member pricing on events • Industry visibility & credibility LEARN MORE AND JOIN AT CFSAA.ORG • HR assistance • Searchable member directory • Networking opportunities
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