The future of the circular economy: Circular business models - success factors for the transformation to circular business models

The growing importance of the circular economy as a response to the overuse of natural resources and to promote sustainable economic efficiency, supported by strategic initiatives such as the EU Critical Raw Material Act and national strategies such as Austria's circular economy strategy, is shifting the focus to circular business models.

These models, which aim to extend product life, increase resource efficiency and minimise waste and emissions, offer environmental and economic benefits, especially for SMEs in the manufacturing sector, despite the challenges of limited resources and the complexity of the transformation. EFS Consulting conducted expert interviews in 2023 that outlined a phased plan for implementing these models and identified specific success factors to help SMEs transition to a more sustainable and circular economy.