NOLIMIT Sri Lanka has become a well-known retail brand that continues to enjoy a positive image in the island nation. Having been in the business for over three decades, the brand has won a host of customers all around the country as a result of its credible product offering, as well as the trust and confidence that it has built over the years as a reputable retail brand. The retail chain takes great pride in its Sri Lankan roots whilst also seeking to provide its customers with a first-rate shopping experience that encourages repeat business, in addition to raising the bar for customer-centricity.

Q: What is your view on corporate respect?

A: Corporate respect is the perception and esteem that organisations earn from stakeholders concerning its ethical conduct, social responsibility and sustainable practices. It entails the company’s behaviour and actions toward various stakeholders including employees, customers, investors, communities and the environment.

In Sri Lanka, corporate respect also underlines an entity’s behaviour and movements that align with cultural values, ethical standards and societal expectations. With current shifts in consumer expectations, corporate respect can be stabilised by adopting new trends and upcoming expectations, increasing innovations to make consumer life better, and contributing to industrial and national development.

Corporate respect is influenced by several factors.

Firstly, ethical conduct: entities are expected to uphold high ethical standards including honesty, integrity and accountability in their business practices.

Next is employee well-being – this includes providing a safe work environment, work-life balance, flexibility, competitive benefits, opportunities for professional growth, and supporting employees’ mental and physical health.

Thirdly, social responsibility: Corporate respect involves actively engaging in initiatives that benefit communities and contributes to sustainable development.

Fourthly, stakeholder engagement, which entails active listening, responding to stakeholder concerns, incorporating feedback and involving stakeholders in decision-making processes. Ensuring responsible supply chain practices is also a factor.

Finally, technology and data privacy: In the digital age, corporate respect also includes protecting customer privacy, ensuring data security and using technology responsibly.

Embracing these principles can help entities build positive reputations in modern business landscapes.

Q:  How costly is it to earn and maintain corporate respect today?

A: Earning and maintaining corporate respect in a volatile, uncertain, complex and ambiguous (VUCA) business environment can be both challenging and costly. The specific cost can vary depending on the organisation’s size, its industry or sector, customer expectations and reputation.

Investment in CSR is a demonstration of commitment to social and environmental initiatives but often requires financial investments.

Upholding ethical business standards and practices may involve additional costs such as implementing robust compliance systems, conducting regular audits and ensuring adherence to regulatory requirements. But there’s always a healthy ROI in this sector of work.

Crisis management in a volatile business environment often requires substantial investments in crisis management strategies, implementing contingency plans and conducting reputation repair initiatives. Being proactive, and managing and mitigating unexpected crises effectively, are important.

Organisations that prioritise corporate respect and invest in its cultivation are more likely to thrive even in volatile and uncertain business environments.

Q: What are the main attributes of your image?

A: NOLIMIT’s diverse range of products including clothing, accessories and household items helps the brand to engage with its customers better. Our extensive product selection caters to a wide customer base, providing options for various preferences and needs.

We have built a strong reputation over the years by consistently delivering on our promises and maintaining customer trust, which was instrumental in attracting and retaining customers.

Our adherence to ethical business practices is another attribute contributing to a positive image. Demonstrating integrity and social responsibility has helped the brand to build trust among customers and stakeholders.

Engagements in various community-oriented initiatives such as supporting local charities, sponsoring events or participating in social welfare programmes highlights our commitment to the community.

NOLIMIT emphasises excellent customer service with well trained and friendly staff assisting customers in identifying the right product, providing guidance and handling queries or concerns promptly.

NOLIMIT’s origins as a Sri Lankan brand resonate with the local population and now, the entity promotes itself globally. The company is committed to the Sri Lankan market, together with an understanding of local customer preferences that further enhances its image as a respected brand in Sri Lanka.

QUICK-FIRE ROUND

Priorities for Sri Lankan corporates today

  • Being trustworthy, socially responsible and respectful of local values
  • A positive reputation that enjoys the trust of their stakeholders
  • Increased customer loyalty, a stronger employee base, better relationships with regulators and government authorities, and improved overall business performance

Three most vital professional values for business leaders

  • Integrity is the base of ethical leadership
  • Visionary thinking is important to anticipate and shape the future of organisations
  • Respect and empathy are essential values

Telephone:2737441 | Email:marketing@nolimit.lk | Website:www.nolimit.lk