Covid19 has shown that our economic systems are more fragile than we thought. Global supply chains have been disrupted and the safety nets of most businesses are struggling. There has been for some an unwillingness to invest in risk management.
Covid19 has highlighted the need to build resilience within businesses for the present and the future, allowing them to cope better with shocks and crises. Small businesses are particularly vulnerable as they often do not have the scale and resources, which larger business are more likely to have, to outlast shocks and crises.
No doubt there is a real unfairness felt by businesses in that covid is not of our making. It has landed on us without invitation and is testing our personal and economic resilience. Its simply not fair… though unfortunately very real and we need all of ‘it takes a village’ to push through.
One way we can become more resilient is by adopting a circular economy approach to our business model. A circular economy is a model whereby the outputs of economic processes are absorbed into the system as productive inputs.
In simple terms, a circular economy aims to retain as much value as possible from products, parts and materials, while minimising waste
Such an approach can build resilience within small businesses in several ways:
- Incentivise companies to develop connections with others in order to improve product efficiency and minimise waste
- Diversify the use of a product
- Reduce reliance on centralised and single-sourced supply chains, diversify supply chains and have a greater willingness to invest in local supply chains.
- Develop local business and community connections which in turn can bolster safety nets and a sense of communal support
- Invest in more resilient technologies such as renewable energies and longer life products.
- As a by-product, a circular economy also provides a clear environmental benefit and help regenerate natural systems.
- Pursue our innovative tendencies to do new things or do old things differently
Phone support, coaching, counselling
Need to talk to someone about your business, yourself, your workforce? These phone numbers are staffed to take calls.
Coronavirus small business support (Qld Govt) 132 846
Coronavirus information 1300 654 687
Lifeline 13 11 14
Beyond Blue 1300 22 4636
This link gives some practical detail on working with the circular economy with a reference to a top ten components.
You may find that this high level report from the Club of Rome on the circular economy may have relevance to Australia
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