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Developing opportunities for growth

Making the transition to a circular economy from our current linear model is a complex and long term endeavour.

However this shift in the Scottish and global economies presents businesses with new and exciting opportunities for growth.

Opportunity from challenges

A central challenge in the creation of a circular economy is influencing the attitudes and behaviour of industry and consumers.

In our current linear economy, a top priority in business is immediate savings, survival and profit. Meeting short term objectives in terms of cash flow and profitability will often win over long term sustainability. And for consumers, a common behavioural trait is getting the latest products, at the highest quality for the lowest price. 

Despite this, we know we must move from linear to circular for the sake of our finite resources, so, the question is how do we manage this transition and embrace the opportunities that arise?

Support, guidance, embracing opportunities

The benefits of adapting alternative circular economy business models are clear.  With many businesses working on profit margins as tight as 3.5% and lower, exciting new circular economy approaches can help to grow these margins.

One exciting example includes Zero Waste Scotland working with Scottish SMEs to facilitate the education and up-skilling of the workforce.  This may include retraining and reskilling in R&D, design, supply chain modelling and process management are critical areas we are seeking to support. 

Transformational change is instilled from the top and staff are encouraged to innovate in problem solving.

Making things last, enabling businesses to grow

A key part of the circular economy is making quality products which last, and when they do reach the end of their life, can be returned for re-use, repair or remanufacture.

Having a quality product means it is worthwhile for a manufacturer to retrieve the product. The challenge for manufacturers however, is how to incentivise customers to return products.

Offering ‘trade-in’ deals or discounts is one possible scenario and support from Zero Waste Scotland plays a critical role in bringing these new business models and revenue streams to life. 

We know how to make things last and are now working to ensure we make things happen...

See how Zero Waste Scotland can identify new, exciting growth opportunities for your business with the Circular Economy Business Support Service.

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