Digital tool helps SMEs reduce expenses
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A free digital tool is helping small and medium enterprises in East Asia identify ways to reduce operating costs, improve resource efficiency and develop new revenue opportunities by adopting circular economy practices.
The Circular Business Check (CBC), developed by the ASEAN Circular Economy Business Alliance (ACEBA), is designed to help businesses assess their current capabilities and identify areas where circular economy strategies can deliver commercial benefits.
Uneven adoption of sustainable business practices
ACEBA said the tool addresses the uneven adoption of sustainable business practices among SMEs by providing a structured way to evaluate their readiness, existing circular activities and resulting business and environmental impacts.
“(The CBC) encourages ambition, meaning doing Circular Economy activities that are first of all good for business, taking a comprehensive view on business success in the rapidly changing world and market contexts. This includes, but is not limited to, achieving and exceeding current regulatory requirements, industry standards and market expectations,” ACEBA said.
Assessment divided into three pillars
The assessment is divided into three pillars: readiness, maturity and impact. Each is scored on a 100-point scale, allowing businesses to establish a baseline and identify specific areas for improvement.
The readiness component examines awareness, understanding, mapping, connections and capability, assessing whether an SME has the knowledge, resources and networks needed to implement circular practices.
The maturity assessment tracks 13 activities covering stocktaking, ambition, delivery and integration, measuring how deeply circular principles have been incorporated into business operations and governance.
Meanwhile, the impact assessment focuses on measurable results, including the share of business generated by products and services designed around circularity, improvements in material use and resource efficiency, and greater use of renewable alternatives.
Higher readiness
ACEBA said higher readiness is expected to support greater maturity and impact as businesses move from identifying opportunities to implementing and integrating circular practices.
The CBC was developed in partnership with the East Asia Business Council with support from SWITCH-Asia.
