Adapt circularity in your business
Transitioning to a circular economy is not simple. The most common question of businesses who have recognized the benefits of the circular economy model is “How can I do this?”
High start-up costs are sometimes the biggest obstacle, but there are still others to go beyond. Nevertheless, participating in the circular economy ultimately pays off, largely because reusing resources and goods just makes sense! According to a Bain & Company survey from 2021, over 33% of CEOs expect that circular start-ups would disrupt their industry and 50% of them expect that circularity will replace traditional business practices in the next ten years. 
The secret to efficiently adapting circularity is to make sure that all company’s adjustments take future factors into account while still meeting immediate needs. Several tips and circular economy frameworks have been developed worldwide by organizations which decided to do so. Let’s have a look in some of them!
Neste is the world leader in the production of renewable diesel, sustainable aviation fuel, and feedstock alternatives for the polymer and chemical industries and gives the following 6 tips to businesses to become circular.
Looking closer to the 6 tips during design phase a company should think about “how” designs, prolong the life of the used materials and find ways to return waste back into the supply chain. Circularity is not about dramatic changes which are of a high risk for a company. Instead small changes related to circularity in the manufacturing process will minimize potential disruptions in production and also protect company’s profitability. Making a lifecycle assessment of the product before production is also crucial as it allows to select the proper materials and also think about alternative uses of the waste products in order to put them back into the supply chain. Finally sustainable values and goals are very important for a company as business culture is the first thing should be considered towards circularity and also a driver for future partnerships.
A nonprofit organization called the Network for Business Sustainability (NBS) promotes sustainable growth and presents 4 strategies: “Make”, “Ally”, “Buy”, and “Don’t Do Anything which reflect different levels of engagement in circularity, as shown in Figure C. Businesses that want to participate in advanced circular activities such as repair and reuse can do so by adopting the “Make” and “Ally” approaches.4
The development of a circular economy is one of Canon’s objectives, too. Canon is a pioneer in imaging technology and from its experience shares 7 areas that a company should examine to successfully adapt circularity. The same as Neste, Canon believes that everything should be evaluated even before the conceptual/ design stage, taking into account the materials’ lifecycle assessment, the use of energy efficient methods and regenerative resources, waste management, and lastly the supply chains.
In conclusion, Circularity in businesses is not just supporting recycling. Circular economy is an integrated system-based methodology that aims to empower the longevity of materials, minimize waste production and waste consequences, while boosting profitability. The joint effort of all businesses around the world is considered to be the key component and the prerequisite of this transformation process.
Disclaimer: This project is funded with the support of the European Commission. The information and views set out in this document are those of the author(s) and do not necessarily reflect the official opinion of the European Commission. Neither the European Union institutions not any person acting on their behalf may be held responsible for the use, which may be made of the information contained therein.
Provided by GrantXpert
MindX: “How to find Circular Opportunities in your Business”, Sept. 2021, https://mind-x.co/how-to-find-circular-opportunities-in-your-business
World Economic Forum: “How to build a circular business model that works”, Feb. 2022, https://www.weforum.org/agenda/2022/02/circular-economy-business-model-operations/
NESTE: “6 tips on how your company can become more circular”, 2021, https://journeytozerostories.neste.com/circular-economy/6-tips-how-your-company-can-become-more-circular#3571f986
Network for Business Sustainability: “4 Ways to Make Your Business Circular”, May 2021, https://nbs.net/4-ways-to-make-your-business-circular/
Canon: “How to make your business more ‘circular’”, https://www.canon.co.uk/view/circular-economy-business/
Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Education and Culture Executive Agency (EACEA). Neither the European Union nor EACEA can be held responsible for them.2021-1-CY01-KA220-HED-000032155
Copyright © 2022 RE-START. All Rights Reserved