In a circular economy, the aim is to produce as much value as possible with fewer re-sources. The use of recycled materials reduces production costs, as does the use of pro-duction side streams and the recovery of materials at the end of a product’s life cycle. It is also important for the company to ensure a shift towards renewable energy sources and to optimise energy efficiency in order to minimise environmental damage and avoid possi-ble penalties and additional costs.
Responsible and sustainable businesses attract new customers. For many customers, sustainability is one of the selection criteria, and this requires safe products and services. At the same time, it can also mean new and more appropriate services. Normally, customers value the long lifecycle of products and the repair service that is part of the business model. Satisfied customers are typically loyal and recommend the company to others, which is important for the success of the business.
Compliance with environmental legislation and anticipation of changes ensures that the company remains competitive and customer satisfaction is maintained. By investing early in new green transition practices where possible, the company will ensure that it remains competitive in future markets.
Employees’ sense of meaning and motivation increases when they know that they are also contributing to the environment and the future. The values and vision of the company are strengthened by supporting the circular economy and increasing environmental responsibility, which improves employee commitment to the company. The circular economy and environmental responsibility will also improve the working culture and the positive atmosphere in the workplace.
Supporting environmental responsibility and the circular economy can enhance a company’s reputation and increase its attractiveness, customer satisfaction and loyalty, which act as a competitive advantage over other companies. At the same time, the company’s attractiveness in the eyes of its employees will also improve, which will, among other things, facilitate recruitment and improve staff retention. The circular economy and environmental responsibility offer companies the opportunity to be innovative and create ecological products and services.
With a clear sustainability strategy, the company is meeting the demands of many financiers and investors. Companies can benefit from circular economy finance, which is increasing in the market, both in the public and private sectors. Companies can also promote the circular economy by creating partnership networks and by exploring different financing instruments that support circular economy projects and improve the economic viability of companies.
“In today’s business landscape, an ever-growing number of companies expect responsibility and industry-recognized certifications from their subcontractors. Additionally, participation in various networks and ecosystems necessitates a commitment to sustainability. These requirements are expected to continue expanding and becoming more prevalent in the future. By proactively preparing, a company can secure a sustainable customer base for the long term.