A year of substancial changes

As advance estimates predicted, early 2023 was a period of positive growth for Grano. The start of the new financial period also involves significant organizational changes. Two separate business units were created within the company, both with clear profit responsibilities – this made it possible to move the responsibility down across organizational levels. Sales efforts were also streamlined by dividing them into three areas: sector-specific sales with comprehensive customer responsibility, expert sales, and a sales support and development unit which is responsible for internal sales policies, for example.

After the positive early part of the year, the second part was exceptionally challenging for Grano and the entire field. The summer season was already unusually slow, and the stagnation of the market was painfully evident especially in the fields of trade and construction. During the final quarter of the period, the company was forced to take financial corrective measures, the most radical of which was the decision to initiate change negotiations. As a result, Grano let go 27 employees.

The measures taken helped

Amid the challenges of 2023, many measures taken in the previous year proved valuable. For example, overcoming the material inflation brought on by the Ukraine War salvaged net sales and profitability in 2023.

The new Vantaa factory opened in 2022 also provided a favorable boost in 2023. Customers have provided a lot of positive feedback about the factory and, as an example, the showroom constructed on the premises, which showcases Grano’s wide product selection from basic print products to marketing services.

Silver-level EcoVadis sustainability label

Prominent themes for the company during the year were responsibility and artificial intelligence. Grano has been engaged in long-term responsibility efforts at a high level of quality but, in recent times, the efforts have been crystallized into an undeniable strength for the company in competitive bidding, for example. In 2023, Grano also achieved the silver level of the esteemed EcoVadis sustainability label. Grano has already been at the bronze level for a couple of years. Attaining and maintaining the silver level requires continuous development of responsibility efforts.

Several AI training courses have been organized for employees, and the company is in the process of creating its own AI strategy.

Alongside environmental matters, Grano has placed special emphasis on comprehensive employee satisfaction and motivation: as a general trend, the personnel of industrial manufacturing companies are getting older, which is why maintaining work capacity and drawing new people to the field are key interests among the companies. Responsibility is also demonstrated by new innovations, such as the ecological cardboard furniture solutions, which were launched in the fall. In terms of AI, Grano has made sure that its personnel stays up to date in the rapidly developing world. Several AI training courses have been organized for employees, and the company is in the process of creating its own AI strategy. Grano has also utilized the Responsibility Strategy workbook released by Panostaja and the related tools.

Panostaja assists with streamlining the portfolio

In 2023, Panostaja assisted Grano particularly with streamlining the overall portfolio. In the spring, Grano sold its subsidiary in Tallinn and, after the summer, also its shares in the Maker3D company. In the past year, Panostaja’s mentoring program for the management team members of various companies was also extremely useful in terms of peer support.

Grano is expecting 2024 to be challenging, and the economy is expected to provide little to no boost for growth. In the coming year, Grano will continue to invest particularly in responsibility, artificial intelligence, innovations and data security. Market-driving growth is expected in the packaging and food business. Despite the challenges, the company is confident in its wide range of strengths, competent and committed staff and good products.

Return back