© 8th Ghana CEO Summit: Mr. Shreeman Narayan receiving the CEO of The Year 2024 Award – Printing on behalf of Jay Kay Industries & Investments LTD CEO – Mr. Pawan Aidasani from in-coming President, Mr. John Dramani Mahama
Successfully navigating the dynamic business landscape of 2024 amidst rapid technological changes, limitless clientele demands, evolving workforce expectations, and global economic uncertainties calls for an evaluation in order to ensure sustainable growth. WHERE To Print, in this exclusive SPECIAL FEATURE INTERVIEW with Jay Kay (short for Jay Kay Industries & Investments LTD) Head of Marketing & Business Development – Mr. Shreeman Narayan gathers that business owners, particularly in the print & allied industries, must be wary of taking decisions clouded with doubt, unreliable data, poor pricing strategy, sentiment amongst others. Characteristically, interviewing Shreeman is close to undergoing a business masterclass as he shares invaluable, proven and practical tips to help businesses track sustainable progress in this no-holds-barred interview in excerpt below:
2024 BUSINESS LANDSCAPE CONNOTES DIFFERENT THING TO DIFFERENT BUSINESSES, WHAT DOES 2024 BUSINESS YEAR MEAN TO JAY KAY INDUSTRIES & INVESTMENTS LTD?
The 2024 business landscape has been transformative for Jay Kay, marked by innovation, resilience, and adaptation. As we reflect on our journey, we recognize the need to revisit our definition of success, aligning it with the evolving business landscape.
“By working together and adopting a proactive approach, we can overcome the challenges facing our industry and ensure a sustainable and prosperous future for the Ghanaian printing industry.”
IS THERE ANYTHING YOU OBSERVED OR EXPERIENCED THAT SUGGESTS IT’S TIME TO REVISIT HOW YOU DEFINE SUCCESS IN YOUR BUSINESS?
We observed several key trends and experiences that suggest it’s time to reassess how we define success in our printing and paper packaging business. These include but not limited to the following;
- Sustainability: This is because of the growing demand for eco-friendly packaging solutions which has led us to reevaluate our environmental impact. We have invested in sustainable materials and production methods which have not only reduced our carbon footprint but also resonated with our customers.
- Digital Transformation: As you know, the 2019 pandemic accelerated the shift to online platforms thereby forcing us to adapt and innovate. Consequently, we have integrated digital solutions to enhance customer experiences, streamline operations, and expand our market reach.
- Changing Customer Expectations: Consumers increasingly prioritize convenience, customization, and social responsibility. In return, we have responded by offering personalized packaging solutions, partnering with eco-conscious suppliers, and emphasizing our commitment to sustainability.
- Technological Advancements: Advances in printing technology have enabled us to improve efficiency, reduce waste, and enhance product quality. We have invested in cutting-edge equipment to stay competitive and meet the ever-evolving customers’ demands.
- Shift to Experience-Based Packaging: Brands now seek packaging that creates immersive experiences, drives engagement, and tells a story. In return, we have expanded our services to include design and innovation expertise, helping clients create impactful, experience-driven packaging.
These developments have prompted us to redefine success in our business. We are now moving beyond traditional metrics like revenue growth and profit margins to prioritize the following:
- Sustainability and environmental responsibility.
- Innovation and digital transformation.
- Customer experience and satisfaction.
- Social responsibility and community engagement.
By embracing these new benchmarks, we are poised to drive long-term growth, build stronger relationships with our customers and stakeholders, and contribute positively to our community and the environment.
WHAT PROGRESS DID JAY KAY MAKE IN 2024?
Our success stories stem from new businesses, new machine/ software installations that improve efficiency, turn-around times and sustainability which can be categorized in:
1. Strategic Expansion
- New Business Ventures: We successfully launched Jay Kay Digital, a digital printing division, to cater to the growing demand for short-run, personalized printing.
- Expansion Abroad: We also partnered with a leading printing & paper packaging solutions provider in Seirra Leone, expanding our offerings and market reach.
- Operational Enhancements
- New Machinery Installations: We invested in state-of-the-art printing machinery, including a high-speed digital press and a cutting-edge flexographic press, new lines of paper cups and corrugation to improve efficiency and reduce turnaround times.
- Software Upgrades: We implemented advanced workflow management software to streamline production, enhance collaboration, and increase transparency.
- Sustainability Initiatives: We also introduced eco-friendly packaging solutions, using biodegradable materials and minimizing waste, to reduce our environmental footprint.
“Overall, 2024 was a transformative year for Jay Kay, marked by strategic expansion, operational enhancements, customer success, and financial growth.”
- Customer Success and Satisfaction
- Customer Acquisition: As a result of customer satisfaction, we won several new clients, including prominent brands in the Fast-Moving Consumer Goods (FMCG) and pharmaceutical sectors, through our innovative solutions and exceptional service.
- Customer Retention: We achieved a customer retention rate of 95%, demonstrating our commitment to delivering high-quality products and services.
- Customer Satisfaction: Then we received an average customer satisfaction rating of 4.5/5, reflecting our dedication to meeting and exceeding customer expectations.
- Awards and Recognition
As a result of all the combination of the above and many more, we have won several Awards and Recognitions in and outside our sector. Just to name a few, these include;
- Industry Awards: We won the prestigious “Printer of the Year” Award at the 2024 Printing Industry Awards.
- Sustainability Recognition: We received the “Sustainable Business Practice” Award at the 2024 Business Excellence Awards.
- Last but not least, our CEO – Mr. Pawan Aidasani won “The Best CEO of the Year” Award at the 8th Ghana CEO Summit.
Financial Performance
- Revenue Growth: We achieved a revenue growth rate of 15%, driven by strategic expansion, operational efficiencies, and customer acquisition.
- Profitability: We also improved profitability by 20%, resulting from cost savings, process improvements, and sustainable practices.
Overall, 2024 was a transformative year for Jay Kay, marked by strategic expansion, operational enhancements, customer success, and financial growth. We’re poised for continued success in 2025 and beyond.
WHICH AREA IS MARKED FOR IMPROVEMENTS AND WHY?
After a successful 2024, we’ve identified key areas for improvement to drive continued growth, innovation, and customer satisfaction. These include;
- Digital Transformation – We aim to enhance our digital infrastructure, integrating emerging technologies like AI, blockchain, and Internet of Things (IoT). This will enable us to streamline operations, enhance customer experiences and improve supply chain management.
- Sustainability and Environmental Responsibility – To further reduce our environmental footprint; we want to implement a comprehensive recycling program by increasing the use of eco-friendly materials and developing sustainable packaging solutions.
- Employee Development and Engagement – We want to keep investing in our team’s growth and well-being. We have series of enhanced training programs and mentorship initiatives to upskill our workforce and improved their work-life balance.
- Customer Service and Support – Elevating customer satisfaction through: AI-powered chatbots, Personalized support and Proactive issue resolution.
- Market Expansion and Diversification – We are exploring new markets, industries, and revenue streams through strategic partnerships, geographical expansion and diversification of our products and services.
By focusing on these areas, we will solidify our position as a leader in the printing and packaging industry, drive growth, and deliver exceptional value to our customers and stakeholders.
WHAT DO YOU THINK ARE THE EXTERNAL FACTORS SHAPING CUSTOMER BEHAVIOUR NOW THAT WILL DEFINE FUTURE PATRONAGE?
Customers increasingly prioritize eco-friendly packaging, driving demand for biodegradable materials, minimal waste, and recyclable products. Nowadays, concerns about carbon footprint and environmental impact greatly influence purchasing decisions. Therefore, customers expect tailored products and packaging that reflect their individuality. Convenience is also one of the important factors shaping customer behaviour which has increased the demand for easy-to-use, portable, and convenient packaging. Others are Government/ Statutory Regulations and Compliance, Demographic Shifts, and Economic Factors. By understanding these external factors, businesses in the printing and paper packaging industry can adapt to changing customer behaviours, preferences, and values, ultimately driving present and future patronage.
WHAT DO YOU THINK ARE THE GREATEST (BUT CONTROLLABLE) RISK PRINT SERVICE PROVIDER FACE IN 2025?
There are several risk factors which can be controlled with simple business approach. These are;
Market and Customer Risks
- Declining Sales: Failure to adapt to changing market demands, leading to decreased sales and revenue.
- Departing Customers: Inability to retain customers due to poor service, quality issues, or uncompetitive pricing.
- Changing Customer Expectations: Failure to meet evolving customer demands for sustainability, personalization, and digitalization.
Operational Risks
- Obsolete Equipment: Failure to invest in modern technology, leading to reduced efficiency, quality issues, and increased costs.
- Supply Chain Disruptions: Dependence on unreliable suppliers, leading to stock shortages, delays, and quality issues.
- Employee Turnover: High staff turnover rates due to poor working conditions, inadequate training, or uncompetitive compensation.
Product and Service Risks
- Product Quality Issues: Failure to maintain high-quality products, leading to customer dissatisfaction and reputational damage.
- Inadequate Service Offerings: Failure to diversify services, leading to stagnation and loss of market share.
- Lack of Innovation: Failure to invest in research and development, leading to stagnation and inability to compete.
“To stay ahead in 2025, print businesses must prioritize sustainability, digital transformation, and customer experience.”
Financial Risks
- Reduced Profitability: Failure to manage costs, leading to reduced profitability and financial instability.
- Inadequate Pricing Strategies: Failure to adapt pricing strategies to changing market conditions, leading to reduced revenue.
- Inefficient Cash Flow Management: Poor cash flow management, leading to financial instability and reduced investment in growth initiatives.
Regulatory and Compliance Risks
- Non-Compliance with Regulations: Failure to comply with changing regulations, leading to fines, reputational damage, and financial instability.
- Data Security Breaches: Failure to protect customer data, leading to reputational damage and financial losses.
By acknowledging and addressing these risks, print service providers can take proactive steps to mitigate them and ensure a successful and sustainable business in 2025.
WHAT WILL BE THE REPERCUSSIONS IF PRINT SERVICE PROVIDERS APPROACH THEIR BUSINESSES IN 2025 THE SAME WAY THEY DID IN 2024?
Players in the Ghanaian printing industry cannot afford to repeat the mistakes of the past. It’s imperative that we adopt a simple, realistic, and proactive approach to address the challenges that lie ahead. I believe we need to look at the following Key Areas for Improvement –
- Stagnation: Develop and implement innovative strategies to stay ahead of the competition.
- Stagnant Revenue Growth: Diversify products and services, and explore new markets to drive revenue growth.
- Operational Inefficiencies: Invest in technology and process improvements to enhance productivity and efficiency.
- Customer Dissatisfaction: Focus on delivering exceptional customer experiences through personalized services and quality products.
- Financial Consequences: Implement robust financial management practices to ensure sustainability and profitability.
- Missed Opportunities: Stay attuned to emerging trends and technologies to capitalize on new opportunities.
Summarily, to avoid significant repercussions in 2025, I enjoin the Ghanaian printing industry to look at the following as The Way Forward:
- Embrace innovation and technological advancements.
- Foster a culture of collaboration and knowledge-sharing.
- Develop strategic partnerships to drive growth and expansion.
- Invest in employee development and training programs.
- Focus on delivering exceptional customer experiences.
By working together and adopting a proactive approach, we can overcome the challenges facing our industry and ensure a sustainable and prosperous future for the Ghanaian printing industry.
“Digital Embossing is one of the areas we are looking forward to, for luxury packaging and branding.”
WHAT ACTIONS CAN THEY TAKE NOW TO MITIGATE THESE RISKS IN 2025 AND BEYOND?
I believe that we all need to start with Workforce Innovations followed by Customer-Centric Innovations that offers tailored products and services using variable data printing and digital printing. They should also offer diversified services and complementary services like design, digital marketing, and logistics to reduce dependence on traditional printing. Implement Waste Reduction Programs by reducing waste, recycle materials, and implement environmentally responsible practices. They should also develop an E-Commerce platform for customers to order, track, and manage their printing needs. By implementing these innovative strategies, print service providers can mitigate risks, drive growth, and thrive in this volatile, uncertain, complex, and ambiguous (VUCA) world.
WHAT DO YOU SEE AS EMERGING TRENDS OR MARKET SHIFTS THAT PLAYERS NEED TO ADDRESS OR TAKE ADVANTAGE OF IN 2025?
To stay ahead in 2025, print businesses must prioritize sustainability, digital transformation, and customer experience. By embracing emerging trends and adapting to market shifts, businesses can unlock new opportunities, drive growth, and remain competitive in a rapidly evolving landscape.
“We are planning to use eco-friendly inks made from natural ingredients, reducing environmental impact.”
HOW DO YOU ENSURE YOUR OFFERINGS (PRODUCTS, SERVICES, DELIVERY APPROACH, TECHNOLOGY ET ALL) DO NOT FALL SHORT OF YOUR CUSTOMERS’ EXPECTATIONS?
By prioritizing customer insights, market research, innovation, and competitive benchmarking; we ensure our offerings meet evolving customer expectations and stay relevant in a rapidly changing market.
WHAT EXCITES YOU ABOUT THE NEW YEAR AND WILL MOTIVATE YOU, YOUR TEAM MEMBERS AND YOUR BUSINESS TO SUCCEED?
Embracing a culture of work-life balance is essential for the well-being and success of our team members. By encouraging flexibility, wellness initiatives, and a positive work environment, we will foster a motivated, productive, and happy team. We should always remember; a happy and healthy team is more likely to be engaged, motivated, and productive, leading to greater success for our business.
WHAT ARE THE KEY CUSTOMER RELATIONSHIP TIPS THAT YOU KNOW WILL BE VITAL TO BUSINESS GROWTH AND SUSTAINABILITY?
Build strong customer relationships by understanding their needs, delivering exceptional experiences, and fostering loyalty. Empower employees to drive growth, satisfaction, and long-term sustainability. Digital Embossing is one of the areas we are looking forward to, for luxury packaging and branding. We are planning to use eco-friendly inks made from natural ingredients, reducing environmental impact.
MENTION NEW PRODUCT OR SERVICE OFFERING THAT WILL DISTINGUISH YOU FROM THE COMPETITION IN THE NEW YEAR AND BEYOND?
There are lots of new developments and enhancements already existing that differentiate us from the competition, attract new clients, and increase our revenue streams but we will do more. Digital Embossing is one of the areas we are looking forward to do more of, for luxury packaging and branding. We are planning to use eco-friendly inks made from natural ingredients, reducing environmental impact. We are also focusing on some innovative materials and finishes like specialty papers with unique textures, finishes, and colours. We will also offer metallic and holographic finishes for luxury packaging and branding that provide soft-touch finishes for high-end packaging and marketing materials.
WHAT SOCIAL INTERVENTION DOES JAY KAY HAVE IN PLACE TO SUPPORT YOUR COMMUNITY AND SUSTAINABLY GROW THE INDUSTRY?
We have been organizing workshops and seminars on sustainable printing practices, design thinking, and industry trends. We offer apprenticeships to young individuals, providing hands-on experience and skills development. We have collaborated with local businesses, organizations, and initiatives to promote sustainable practices and support community development. We have also partnered with local charities, offering printing services or donations to support their causes. Our Research & Development (R&D) initiatives also include exploring new sustainable materials, technologies, and processes to drive industry growth. For almost 4 years, we have been promoting the use of sustainable materials such as recycled papers, biodegradable inks, and eco-friendly packaging.
ON A PERSONAL LEVEL, HOW WILL YOU DESCRIBE YOUR LEADERSHIP STYLE?
I will describe my leadership style as collaborative, results-driven, and customer-centric. I believe in empowering my team members through mentoring, delegating, and monitoring progress closely. This approach enables me to identify potential issues, provide solutions, and ensure everyone is equipped to excel in their roles.
Transparency, accountability, and continuous learning are essential to me. I encourage my team to take ownership of their work, learn from mistakes, and strive for excellence. Repeated mistakes are not tolerated, as they can impact customer satisfaction.
Ultimately, my commitment is to our customers’ business successes. I believe that when our customers thrive, we thrive. This customer-centric approach drives my decision-making and guides our team’s efforts.
“We are poised to drive long-term growth, build stronger relationships with our customers and stakeholders, and contribute positively to our community and the environment.”
WHAT STRATEGIES DO YOU USE TO MOTIVATE YOUR TEAM?
I motivate my team by setting Smart, Measurable, Achievable, Realistic and Time-bound (SMART) goals, providing continuous learning opportunities, and offering constructive feedback. I empower them to make decisions, celebrate their successes, and maintain an open-door policy for open communication. This fosters a culture of growth, accountability, and recognition, driving my team to achieve company goals and targets while promoting personal and professional growth.
HOW DO YOU DELEGATE TASKS?
I delegate tasks by clearly assigning specific responsibilities to team members, aligning with defined objectives and customer needs. To ensure seamless execution, I conduct daily morning meetings to set priorities, discuss challenges, and provide guidance. Wrap-up meetings at the end of the day help me stay informed about progress, address any obstacles, and make adjustments as needed. This structured approach enables efficient task delegation, fosters accountability, and promotes a collaborative team environment.
HOW DO YOU STAY UPDATED ON INDUSTRY TRENDS?
I stay updated on industry trends through a combination of the following activities like reading industry publications such as WHERE To Print Ghana, to stay informed about local market developments. Following key industry accounts on social media platforms to remain current on global trends and innovations. Attending seminars, conferences, and trade shows to network with peers, learn from experts, and discover new technologies. Regularly visiting customers to discuss their evolving needs, understanding their pain points, and identifying opportunities to innovate and improve our services.
By adopting a multifaceted approach, I’m able to stay ahead of the curve and make informed decisions to drive business growth and excellence.
WHAT ARE YOUR 2025 EXPECTATIONS AND BEYOND?
Looking ahead to 2025 and beyond, I expect our company to build on the momentum of 2024 successes. My key expectations include: Continuing to deliver innovative solutions that exceed our existing customers’ expectations, fostering long-term relationships and loyalty. Expanding our customer base by introducing new, competitive offers that showcase our expertise and value proposition. Driving business growth through strategic partnerships, investments in new technologies, and process improvements. Maintaining our commitment to sustainability, quality, and customer satisfaction, while exploring new opportunities for innovation and expansion.
Ultimately, my goal is to solidify our position as a leader in the industry, while continuing to delight our customers and drive business success.
THANK YOU FOR YOUR TIME
You’re welcome.
BRIEF ABOUT SHREEMAN NARAYAN & JAY KAY INDUSTRIES & INVESTMENTS LTD
Driven by passion for innovation, customer satisfaction, and sustainability Mr. Shreeman Narayan is the Head of Marketing and Business Development at Jay Kay Industries & Investments LTD He strongly believes in keeping things simple and straightforward, embracing the mindset that learning is a journey, not a destination.
Jay Kay Industries & Investments LTD is a leading provider of high-quality printing and packaging solutions in Ghana. Built on a foundation of excellence, innovation, and customer-centricity, the forward-looking company delivers exceptional services, fostering long-term relationships thus contributing to the growth and development of Ghana.