Closing The Loop: What Makes A Business Circular?

On this episode of the Lead With Purpose podcast host, Tze Ching Yeung talks about ‘closing the loop’ & how it can transform your business. KEY TAKEAWAYS Instead of the traditional take, make & dispose models, circular models emphasises a closed loop system where they are designed to be reused, re-manufactured & recycled. Aside from being a positive force for the planet, circular business models can actually boost your bottom line. Companies that adopt a circular practice can unlock up to $4.5 trillion in economic value by 2030. Audit your supply chain. Take a close look at identify ways in which waste can be minimised & explore sustainable sourcing options. A circular business starts with responsible inputs as well as outputs. Design for circularity. Challenge your product designers to create products with a longer lifecycle & opt for materials that are easily recyclable &/or can be repurposed. Think longevity not disposability. No planned obsolescence. Implement a ‘take back programme’. Encourage your customers to return used products to you. This not only fosters customer loyalty but also allows you to refurbish or recycle the items, closing the loop on your product’s lifecycle & taking responsibility for your company’s outputs. Before you launch this, do make sure that you’ve looked at the processes from an operational point of view that you are able to recycle and repurpose the items that come back to you. BEST MOMENTS ‘Sustainable business practices are not a cost, they are an investment in the future of our planet & our economy.’ ‘It’s not about numbers, it’s about building a resilient & sustainable business that stands the test of time.’ ‘Leverage digital technology to track & optimise your circle of processes so you can prove what you’re doing and can’t be accused of greenwashing.’ ‘Closing the loop isn’t just a trend, it’s a business imperative. It’s about creating a legacy that goes beyond profits; creating a lasting positive impact on the planet.’ ABOUT THE HOST Tze Ching started her entrepreneurial journey back in 2007 with the launch of a sustainable clothing & home furnishing ecommerce business. Next, she created a sustainable fashion brand. In 2019, she launched a social enterprise to help raise awareness about the negative impact of fashion at schools & colleges. Through the 15-year journey, she learned so much, but easily the most meaningful lesson learned was about the importance of marketing. She now focuses on channelling those insights to help others succeed through We Disrupt Agency, a business coaching, mentoring & digital marketing company. Tze Ching’s mission is to create a community of global change makers and to contribute to positive change in both people & planet. CONTACT DETAILS Website Facebook Instagram Twitter LinkedIn