As the world population continues to grow, defining environmentally responsible business models is no longer a branding luxury but a necessity.
Scarce resources, rising production costs and stricter regulations will have an increasing impact on every business. A 2021 report listed a row of impacts for nine unsustainable business model archetypes, from the over-exploitation of resources to negative health outcomes.
Even if your enterprise ignores this, the linear economic model of “take — make — dispose” is slowly dying out, simply because it’s not sustainable. So, if your company is still clinging to old habits, you need to define new strategies that prioritize sustainability and environmental responsibility to stay in business.
While you may not believe that sustainable business practices affect your industry yet, sooner or later your company will be affected by related penalties and fees that will negatively impact your revenue or result in legal action and a damaged reputation. One way to deal with these challenges has been to embrace the circular economy. But what does that entail, and what steps does your business need to take to contribute to it? What Is the Circular Economy?
To address today’s challenges while staying competitive, countless enterprises are turning to the circular economy. This economic model aims to eliminate waste and pollution by keeping resources in use for as long as possible.
