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I write and speak with leaders in the mortgage industry a great deal on the value of teamwork. I firmly believe that you cannot possibly be a great leader unless you surround yourself with great people. The synergies that are created in a group of people who work well together can whether any storm and are key to achieving success at every turn. Certainly, you should be very concerned with building and developing solid relationships in your team. But, here's a question for you: Can a great team ever become a weakness?
It's counterintuitive to suggest that a good team could be a bad thing, but I'll mention one single word and you'll probably know what I'm getting at: groupthink. You've probably heard this concept before; it's the idea that people who share the same ideas have blind spots when it comes to opportunities for improvement because, as grow in harmony with one another, they become less likely to see weaknesses. The more we like each other, the less we may be inclined to challenge one another. So, what do we do about this?
Every once in a while, we need to shake things up. That's the benefit of hiring someone from outside—whether it's a consultant, a service provider, or even a new addition to the team. The more we keep things the same, the less likely we are to improve. We need fresh perspectives. Teamwork is a great thing, but it can become a liability if we don't let outside perspectives in to challenge our ideas. Build the best team you possibly can, but always be willing to invite in new ideas and perspectives to challenge it and make it even better.
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is [email protected]ors.com.