April 2010
Leaders run the risk of suffocating their businesses in pursuit of perfect performance, says Steven Cohen, MD and founder of Softline Pastel. Instead, leaders should create a supportive environment where employees learn from their mistakes. He also believes that one should never underplay the good foundation that a supportive family provides for success in business.
What key leadership and management lessons have you learnt during your career at Softline Pastel?
Emotional intelligence is very important, particularly in a business where intellectual capital is fundamental to success. We're in the "thinking" business, so management and leadership can't happen in a dictatorial manner. However, as a leader, you have to make decisions - bottlenecking things can be very demotivating for the people who work for you. Many people have a tendency to overreact and make mountains out of molehills. A really big element of my role as a leader is to take away the stress and simplify things. However, at the same time, people want to be heard. It's important not to paralyse employees by punishing them when they make mistakes. Rather let them operate in a supportive environment where they learn from their errors, or you'll suffocate your business in the pursuit of perfection.
I've also learnt that it's a wise management strategy to pay more for a good person than less for a mediocre one. The interviewing process is critical - spend clever time here. I like to see the business as a circle with a gate that only lets exceptional people in.
What personal challenges have you faced as a leader?
I don't think you really get to know yourself unless you've worked in a business environment. A doctor is king of his castle and respected by others and his patients simply because he's the doctor. In business, however, people challenge one another constantly - often arguing and testing each other's tolerance thresholds. It's through this process that you really begin to understand who you are. You need to be aware of your own ego and the effect it has on others around you. If I had to face my own career challenges again, I wouldn't be as narrow-minded in certain decisions I've made over the years. Neither would I censure my partners for spending time "shooting the breeze" with others. I used to think that building a successful business required me to just sit at my desk and get stuff done. But all the networking my partners did contributed phenomenally to our prosperity, so today I also spend a lot of time just talking to people.
What key lesson did you learn during your upbringing that you now find useful as a leader?
Be self-aware!
What's your take on mentorship and coaching?
I think they're both very useful. It's always important to expand your mind and be exposed to what happens outside your comfort zone, as well as to other points of view. The most difficult thing, though, is finding the correct mentor who'll guide you in the most appropriate way.
What role have networks (friends, family and colleagues) played in your career development?
A hugely important one, as this is where I was very often mentored myself - not in a planned or formalised way, though. It just happened naturally. I would also probably never have been able to start this business if it wasn't for my brother-in-law, Ivan Epstein (CEO of the Softline Group).
What legacy would you like to leave behind?
I'm not really hooked up on this issue. I just want to be remembered as a person who had integrity and a fertile mind, and who was fair to others.
How would you describe your leadership style?
Flat, informal and a bit chaotic. It's important to allow others to get on with their jobs and stimulate their thinking.
What advice would you give upcoming executives?
Firstly, read lots, be self-aware and operate with integrity. Secondly, you're as good as you were yesterday and don't have to prove yourself continually. Thirdly, don't abuse the goodwill you've built up in the past. Also, a sense of entitlement won't get you anywhere so don't expect things to just come your way - go out and make them happen. Finally, attitude is everything. In fact, I'd rather hire for attitude than for academics.
How do you achieve a work-home balance?
It's easier to do this once you've made enough money to offer your family security and feel confident in yourself. You should never underplay the good foundation that a supportive family gives you in tackling business challenges. On the other hand, creating that kind of home environment takes a lot of work and energy that you don't always have when you're building your career. It's a hard one to master.
Do you discuss business issues with your children? If so, how do you express them so that your kids can relate to them?
My children are still too young to really understand the ins and outs of business, so they wouldn't understand the money aspects. But I do try and explain to them how people feel and what motivates and demotivates them - respect, etc.
How do you give back to society (outside of your job at Softline Pastel)?
I mentor people. I give business and personal advice to anyone who asks for it and I often help people out financially, especially when it comes to investing in their education.
Career highlight "Delivering SA's first mainstream online accounting system, My Business Online."
Career low point "Screwing up our de-listing."
Best advice ever received "There's no wrong or right decision -just make one and then work it! And learn to forgive yourself for mistakes."
His tips to local business owners "Take your financial reporting seriously. Business owners don't place much importance on systems because they feel revenue is everything, but they're often surprised at how the admin side of business lets them down, and of course believe in yourself.'