The ProSource Spring Meeting, taking place May 16-20 at the La Cantera Resort and Spa in San Antonio, Texas, brought together vendors, integrators and industry experts in a week of networking and collaboration. On the evening of May 18th, Walt Stinson, ProSource Chairman of the Board, introduced the State of the Business with a statement that felt both optimistic but reasonable in light of current challenges.
“Technology is the hero of the pandemic,” said Stinson. “But high interest rates, inflation, a proxy war with Russia and the end of inflated pandemic demand, all are risk factors that we need to be conscious of.”
Stinson referred back to the 2008 recession, when he lost 50 percent of his peers to the economic downturn. However, he feels optimistic about where the industry is now and in particular, where ProSource members are.
“I’m optimistic, but I’m saying be prepared for an economic contraction,” said Stinson. “We also have a stronger group. ProSource was born the wake of 2008. ProSource has grown to close to 700 members and is the largest training group in the CE industry. A lot of credit for that goes to our board of directors and Dave Workman for setting a strategic program that goes beyond vendor programs and to education and business development.”
Dave Workman, CEO of ProSource, asked attendees to keep one word in mind: commitment. Along with asking attendees to continue committing and collaborating with their industry peers and to their business, Workman gave members some additional tools to combat their biggest challenges, including an HR handbook to better develop and keep employees longer, and access to CareerPlug, a platform for recruiting new employees.
Jim Pearse, the new president of ProSource, was introduced to the group and gave the rest of the State of the Business report alongside Stinson.
According to the industry leaders, current challenges – and opportunities – include issues with the supply chain, which are predicted to improve but not return to normal. Growth rates will slow, especially for retail dealers. Demand appears to be holding up, but this is expected to soften. Pearse recommended using this time to improve the business and grow your position in the marketplace.