How does an entrepreneur-owner go about growing revenues and impacting his/her marketplace? I’ve listed some "Growth Factors" that help identify key focus areas. Importantly, each factor will likely have sub-headings to them. To reach full potential, isolate each factor and develop relevant action plans to maximize each one.

1. Introduce new services. Customers today want much more than ordinary, usual services. How in-tune are you with what’s going on in your marketplace? A firm in a metropolitan area on the West Coast could have different requirements for service than a firm in a small town in the Mid-West. Consumers, especially Boomers and X’ers, search for new ways to do things. New services represent the largest area for revenue and business growth.
2. Introduce new products. Funeral service is an intense personal service business, yet customers need, desire and enjoy learning about "new" products and how they could benefit from buying them. Such things as keepsake-type urns and cremation jewelry have been well-accepted nationwide.
3. Add new customers. In your marketplace, what specific locations, ethnicities, religions, are you currently not serving? Is a new church soon to open? How well known and active are you with local hospice organizations or medical centers? How well represented is your firm in community-service organizations?
4. Reduce customer attrition. This is generally overlooked by many owners, thinking that once a family is served, they are sure to repeat. This cannot be taken for granted any longer. New competition, especially from people outside the profession, can drastically affect your business if you are complacent. How many previously-served client families from 2008 have you contacted (not to sell) to say "Hello," or "We are here for you?" or here’s an event you are invited to?
5. Raise prices. Always an option, but one requiring careful analysis. How much more can prices be raised before people stop using you – and, bear in mind, prices must reflect value received. Value received should exceed the price paid.
6. Say a "Novena" and pray that market demand increases. Sitting and waiting or hoping and praying can cause you to miss the boat.
7. Acquire existing companies. Tried and true for many funeral home owners, it requires management-operational skills far beyond that of operating one firm, as well as logistical-employee considerations.

Dedicate time to each factor. Write down your ideas, strategies, and innovations for each one. Homework includes looking at such things as: Identifying customer loss and why; training for existing staff and hiring more customer-service oriented people; evaluate all forms of advertising and company promotions and don’t be afraid to change them; provide services and products that go beyond those of the competition; consider totally new services and ways of providing them. Fill your mind with potential ideas to grow your business. If you need a boost, give me a call. The Funeral Director’s Coach.