Pre-need funeral services are becoming increasingly popular among consumers. These services allow families to plan and pay for funerals in advance, giving them peace of mind that their loved one’s final arrangements are taken care of. As a result, more funeral homes are beginning to offer pre-need services. But should yours? Let’s take a look at the benefits of offering pre-need services to your clients.
What are Pre-Need Services?
Pre-need services enable individuals to plan and pay for their funeral, memorial, or cremation prior to death, relieving families of financial burden and stress during difficult times. This type of service is becoming more popular, not only due to the personalization that families can receive beforehand, but also for the efficiency and cost-effectiveness of carrying out these arrangements in advance. Services may include burial plots, gravestones and markers, obituaries, and more depending on individual needs. With pre-need planning, those left behind can focus on the important emotions surrounding their loved ones passing rather than getting bogged down with logistical details.
Benefits of Offering Pre-Need Services
One of the major benefits of offering pre-need services is that it can help you increase profits. Pre-need plans generate revenue upfront and also provide additional income in the form of interest on prepaid funds. This can provide a significant boost to your business’s bottom line. Additionally, offering pre-need services can help you build relationships with families before a death occurs, which can lead to increased loyalty and referrals down the road.
Another benefit is that pre-need plans give customers peace of mind in knowing that their loved one’s final arrangements have been taken care of. By taking care of these details ahead of time, customers don’t have to worry about making decisions during a difficult time when they’re grieving. It also eliminates financial stress by allowing them to spread payments over months or years instead of having to pay all at once.
Consider Adding Pre-Need Services to Your Funeral Home
Overall, offering pre-need services can be beneficial for both your funeral home and your customers as long as you manage the risks associated with it appropriately. By doing so, you can ensure that both parties get what they want out of the arrangement—you get increased revenue and loyal customers while providing families peace of mind knowing that their loved one’s final arrangements are taken care off ahead of time. It’s definitely worth considering adding these types of services if it makes sense for your business! MKS&H can help manage your finances if you make the decision to add pre-need services to your funeral home.
About MKS&H: McLean, Koehler, Sparks & Hammond (MKS&H) is a professional service firm with offices in Hunt Valley and Frederick. MKS&H helps owners and organizational leaders become more successful by putting complex financial data into truly meaningful context. But deeper than dollars and data, our focus is on developing an understanding of you, your culture and your business goals. This approach enables our clients to achieve their greatest potential.