A circular economy in Canada requires circular vendors and suppliers.
The benefits of transitioning business models to deliver circular outcomes:
- improve business competitiveness by mitigating risks of price volatility and supply uncertainty;
- increase efficiency and productivity;
- generate new revenue;
- enhance market differentiation and expand into new markets; and
- strengthen relationships with existing customers.
Having a fulsome understanding of the five circular business models also restructures traditional linear business models to consider the whole lifecycle of a product or service; improve resource efficiency; minimize waste; maximize value; reduce costs; and secure economic benefits across value and supply chains.
Vendors and suppliers that understand and employ circular business products and models will be well-positioned to respond to a new kind of demand from public buyers.