20 Jul How to Implement Circular Economy Principles
Claiming that your company is dedicated to circular economy principles is much easier than actually mapping out strategies your company can effectively implement. Beyond the obvious options of donating your excess products, recycling in the workplace, and generating as little waste as possible, how can your organization actually implement circular economy principles that work? Keep reading for some great ideas.
One of the biggest hurdles companies must overcome is learning how to track and measure their progress. To rectify this problem, the Ellen MacArthur Foundation and Granta Design developed a method of measuring one’s contribution to the circular economy: the Material Circularity Index. The index measures how restorative a product’s material flows are on a scale between 0 and 1. Depending on the type of business you run, measuring your circularity with a scale like this can put your efforts into context and help you measure your progress. However, sustainability consultant warns that the MCI “isn’t necessarily scalable” and isn’t viable for everyone.
Something else to keep in mind when considering what principles to adopt: your goals should not be completely focused on material recovery and recycling. There are other strides that companies can make that cut down their consumption and waste considerably. Pushing for overall digitization in your company can greatly help your contribute to the circular economy by not generating as many products. Digitizing files and going green in the workplace is a good start. You can also focus on digital services, and making your place of business and the services you provide customers as digital as possible.
The greatest shift you can make as a business is to view your products as a service. Instead of focusing on making cars, focus on providing transportation. One great example of success in this field is Xerox – they transformed into a service-based business. Customers don’t have to deal with maintenance, and Xerox gets to re-harvest and reuse massive amounts of parts. Instead of a single transaction, Xerox now has ongoing relationships with customers.
Another principle you can follow is that of throwing away zero products. Whenever you have a new model of product or simply can’t sell everything, donate your excess good through Good360 so every product and item is used by someone who needs it. We match you with relevant nonprofits to help out communities that are seeking your products. Find out more on our homepage.