Braemar Funeral Newsletter

Funeral News

Introduction: Who are Braemar Finance?

Meet the expert: Linda Wickens

Business Barometer: Funeral Professionals’ view on a range of key subjects

Welcome, I am delighted to bring to you the latest business news from Braemar Finance. In this issue, we present a Q&A with one of our finance specialists, Linda Wickens. We also dive into the results of our recent Business Barometer survey results.

In the Q&A, Linda provides an insight into her role and what she enjoys most about being an Area Sales Manager.

Our latest Business Barometer survey gathered opinions from Funeral Professionals across the UK.

In this newsletter we explore their thoughts on a wide variety of topical issues impacting businesses, from missed business opportunities, and predicted business performance to artificial intelligence.

We hope you enjoy the read and as always, we look forward to working with you!

Aileen Boyle Managing Director, Braemar Finance

Who are Braemar Finance?

Braemar Finance was founded in 1992 and quickly grew to become one of the main finance providers for the Professions in the UK.

Specialising in asset finance, our tailor-made products are designed to help with the growth and development of individual businesses; whether it be an established Funeral Directors or a new business, we provide access to the equipment, vehicles, and technology needed without compromising cash flow.

We take pride in developing lasting relationships with our customers and our experienced team of Area

Sales Managers provide a local personal service across the UK and Ireland, offering support on the most suitable method of funding.

We also have a dedicated team working directly with equipment suppliers to help support their customers with funding options.

As a direct funder committed to supporting the Funeral sector, we understand the challenges and opportunities our customers face and support businesses throughout all economic cycles.

Meet the Expert

Linda Wickens

Linda Wickens is an Area Sales Manager for Braemar Finance for the Funeral sector. In this Q&A Linda tells us a little bit more about her role and herself.

Tell us about your role and responsibilities…

As Area Sales Manager for the Funeral sector, my role builds on my healthcare experience in the banking sector. I’m responsible for delivering funding solutions that work for both individuals and businesses, which allows them to get the most out of the opportunities they get, grow sustainably, and be successful.

What do you enjoy most about your role?

I love meeting clients and suppliers in person, visiting them at their premises to see first-hand the difference we can make.

Also, working in a large team with the same goal, all pulling in the same direction and delivering exceptional customer care while going the extra mile is second to none.

Who is a ‘typical’ customer?

I’ve always worked in niche sectors and in my experience there is nothing typical about them, but what they do have in common is the need for capital to support business growth and excellence.

I treat them in the way I’d want to be treated if the shoe were on the other foot.

What is it about working for Braemar Finance that is different to your previous roles?

Braemar Finance’s approach is sensible, while recognising the inevitable risks when lending. They have a very open attitude, which is supportive and cohesive, with respect for individual knowledge.

Can you describe a professional achievement/ highlight?

I recently ‘inherited’ a number of clients and have successfully increased our exposure while receiving positive feedback, including about our attention to detail during the transition period.

Tell us one thing people may not know about you…

Outside work, I enjoy practising yoga and exploring the realm of meditation.

Our teams are experts in asset finance and loans. Their Professions knowledge means they really understand the challenges their customers face. To find out more about the finance options available to you, contact us today:

View from Funeral Professionals Business Barometer results

Braemar Finance recently conducted its latest Business Barometer research, which examines current Funeral sector trends and the view of business owners about a range of issues, from their appetite for investment to predicted business performance. In this piece, we get under the skin of the data to find out more…

Appetite for investment

The appetite to invest in their business among Funeral Directors is very strong, with 83% of respondents aiming to seek funding for investment in the next 12 months. This is lower than the 84% average for the professions sector.

Missed business opportunities

At 56%, the number of Funeral Directors that have missed business opportunities because of a lack of available funding is significantly higher than in many other sectors.

This result highlights the importance of business owners to investigate the different funding options available to them.

Q Have you missed a business opportunity in the last 12 months due to a lack of available finance?

Economic outlook

From a macro-economic perspective, Funeral Directors are generally optimistic about the UK’s economic prospects, with results in line with the views of business owners in the wider Professions sector.

Q How would you best describe your business’s current economic outlook?

Artificial Intelligence

While Funeral Directors think AI will influence their profession in some way, they’re still largely unclear of its likely impact on their business:

• A large impact - 24%

• Some impact - 48%

• Not much of an impact - 21%

• No impact at all - 7%

• Unsure - 1%

Despite 25% of respondents being ‘very concerned’ and 32% ‘somewhat concerned’ about the rise of AI, 55% are of the opinion it presents opportunities for growth and employment.

Predicted business performance

Predictions about future business performance are – considering the various challenges business owners have faced over the past few years – positive, and points to the resilience of the Funeral sector.

Q In general, how do you expect your business to perform over the next 12 months?

Cost of borrowing

Over half (55%) of Funeral Directors have seen their cost of borrowing increase, causing 70% to increase their prices.

More positively, 55% of Funeral Directors think interest rates have peaked, and 60% are considering alternative forms of finance to mitigate their increased costs.

Acquisitions

69% of Funeral Directors have considered making an acquisition to grow their business or see it to own their first business. And, according to 46% of Funeral Directors, they have seen a rise in the number of acquisitions in the past 12 months – 19% think there’s been a fall while 34% say there’s been no change with the rest being unsure.

Methodology

All figures, unless otherwise stated, are from a Censuswide survey conducted in January 2024. The survey canvassed the opinion of over 1,200 senior members of the Professions across the UK on a range of issues affecting their businesses.

To read the full results please visit braemarfinance.co.uk/sme-data