Targray is a company that successfully embraced and navigated change. For a decade, the Montreal company was an industry leader in CD materials, printing and packaging. But in the early 2000s, management recognized that opportunities for growth in the CD industry were coming to an end.
Realizing that one of the products it supplied to CD manufacturers was also used in the solar power industry, Targray made the ambitious leap into an entirely new market.
The same process occurred several years later when Targray’s management recognized that the turnkey solutions they were developing for their solar energy customers were needed by clients in other clean-tech energy sectors. This led to a move into batteries and biofuels.
The result? Targray is now a diversified multinational specialty materials company with offices in six countries and annual sales of US$400 million in clean-energy solutions and products. Embracing change has made it a leader in four major markets and across multiple industries.
Read more about how Targray’s approach to innovation and change has driven sustainable growth, and watch CEO Andrew Richardson explain how Targray’s successful partnership with HSBC enabled the company to pursue its change agenda.
It is not easy to shift course, set new priorities, implement new processes or venture into new markets. Much has been written on successful change management, with most of the advice coming down to the importance of leadership, communication and engaging employees’ hearts and minds about the need for change.
PWC’s Strategy and Business magazine outlines 10 key principles of change management:
All the experts agree that successful change requires champions. Those champions can be internal, but external champions are needed as well. Banking partners, for example, can help with credit and financial solutions to support new ventures.
“During our transition period, we were very demanding of HSBC, because, like us, they had to learn all kinds of new things on the fly,” says Targray CEO Andrew Richardson. “The receivables finance solution provided by HSBC really allowed our Solar Division to grow and expand sales, and will be a key pillar in us reaching our revenue objectives in the coming years. Without this line, we would not have the ability to turn our cash and allow us to enter into more deals.”
Contact HSBC to find out how our products and services can help your business be proactive when it comes to change.
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