Over the last two months, we completed our first peer group meeting cycle for the 2023 calendar year. We refer to these as our ‘benchmark meetings’. During these meetings, we compare member company financial performance for the 2022 F’Y, and take a look ahead to 2023.
For the most part, our peer group CEOs are optimistic that 2023 will be a good year but are cautious about how the second half will evolve. Recession predictions are all over the place but so far, our industry feels good. Backlogs are still strong; some reductions in enhancement spending show clients are being cautious. Renewals on maintenance for most companies are strong with some resistance to price increases above 5%.
The labor market is improving, so staffing levels are closer to normal. Talent still comes at a premium so many CEOs are developing talent from within. Peer group companies tell us their clients are more receptive to green initiatives, water conservation, and more sustainable landscapes; they are starting to use more electric equipment–some by choice and some by local regulations.
Overall, a very productive round one of peer group meetings.
Are you interested in learning more about our CEO peer groups? Visit https://brucewilsoncompany.com/ceo-peer-groups-quick-view to get started.
