When a family is grieving a loss, it can be awkward to bring up topics like the funeral payment. But it doesn’t have to be! Along with finding ways to delicately bring up the subject, there are several other ways to improve your funeral home’s cash flow.
Below are few ideas to get you started!
Promptly Send Out Your Invoices
An easy way to improve your cash flow is to send out your invoices as soon as possible. If you don’t hear from a family by a certain date, have a follow-up plan, such as an email, letter, or phone call. Also, if you have additional fees for late payments, make those known to lessen late payments.
In addition to sending out your invoice right away, make sure the invoice content is clear and concise. The due date should be easy to find and not buried within the content. You also should clearly explain their payment options, such as paying directly from the emailed voice, on your website, or another option. By offering multiple options, you can make the process as easy and quick for families as possible.
With SRS, your families have
multiple ways to pay, including through the emailed invoice, in-person, on your website, through an insurance claim, and through our most recent options: Family Link or scheduling auto-payments for payment plans.
Offer Your Families Multiple Online Payment Options
By offering convenient, online payment options, your funeral home will get paid faster. As we practice social distancing, this also is the safer option. For example, you can offer families online payments with a credit card. You also can take it a step further and offer additional payment methods like crowdfunding and life insurance assignments.
With multiple payment options, families can choose what works best for them, all while getting your firm paid faster. This way, you’re less likely to lose families to competitors because of a lack of payment options. Even if a family has little to no savings, they can use an alternative option.
For instance, with
E-Pay, your firm can accept credit card payments and life insurance assignments as funeral payment. And with an
SRS Website, you can start crowdfunding campaigns directly on your funeral home’s website!
Do an Audit of Your Funeral Home’s Merchandise
Another simple, yet effective idea is to do a yearly audit of your funeral home’s merchandise, such as caskets, urns, and memorial products. Find out what’s performing well and what isn’t. For products that aren’t selling, ask yourself if there’s a good explanation or if it’s time to discontinue it.
Once you get into the habit of doing yearly audits, you’ll have concrete data for comparing the current year’s sales with previous years. And with the extra revenue you earn from offering additional services like alternative payment options, you can consider investing in new merchandise.
Experiment with Offering Discounts and Exclusive Promotions
Everyone loves discounts and free things! By offering exclusive promotions, your funeral home can hop on this bandwagon, too. Below are a few ideas:
- Offer a discount if people pay their invoice early by a certain date.
- If you decide to discontinue a product after doing your audit, offer a discount on it.
- Give families a free memorial product and a discount if they choose to purchase some.
- If a family buys a certain funeral package, offer a discount on a memorial product.
Also, don’t forget to incorporate your offers into your sales and marketing plans! For marketing, share the offers on your website and social media accounts to make them more known to families. You also can bring up the promotions during the arrangement conference and give them a handout summarizing the offers.
Increase Your Prices – But Do Your Research First
In addition to offering discounts and promotions, you can experiment with the sale prices. However, do your research before increasing your prices. See what your
competitors
offer and consider your firm’s investments into the products, both time and money. If you find that the value doesn’t match the current price, experiment to see what families are willing to pay.
Ready to see how an SRS Website can improve your funeral home’s cash flow?
Click here
to book a free demo!