This week’s news that the company formerly known as Standard Life Aberdeen is restoring its missing vowels got me thinking.  How does a mistake like that happen at the highest levels of leadership?

Back in 2021, the company’s board took a bold gamble and rebranded as “Abrdn” after a major merger, driven by the inconvenient reality that their preferred internet domain name wasn’t available.  And the result?  Widespread confusion and ridicule, with critics joking about “irritable vowel syndrome.”

It’s a perfect example of how even experienced leaders can make costly mistakes when they don’t seek outside perspectives.  And this kind of blunder isn’t uncommon – it happens across industries when decision-makers ignore advice and push ahead without a reality check.

Why leaders need an outside perspective

The hardest mistakes to fix are the ones no one is willing to acknowledge. Pride, denial, and groupthink can make it tough to step back and say, “We got this wrong.”  The more isolated a leadership team is, the easier it is to overlook red flags.

That’s where leadership peer groups come in. Unlike internal teams, peers don’t have a stake in your business, which means they bring fresh, unfiltered insights. They’re not afraid to ask tough questions, challenge assumptions, and help you avoid missteps before they turn into costly failures.

The power of peer-to-peer coaching

Smart leaders don’t make big decisions in a vacuum. They seek different viewpoints, pressure-test their ideas, and adjust their plans based on what they learn. That’s exactly what a leadership peer group offers – a confidential space where leaders can share challenges, gain insights, and avoid pitfalls others have already faced.

Consider a company on the verge of launching a product that’s destined to flop.  After the CEO discussed their strategy in their leadership peer group, they uncovered a major flaw and adjusted course just in time. That single conversation saved them from a mistake that would have cost millions.

Creating a safe space for tough conversations

One of the biggest benefits of a leadership peer group is psychological safety. When leaders feel comfortable speaking openly about the challenges they face, they get honest feedback from people they trust. In these candid discussions, the best ideas often emerge, better decisions can be made, and potential disasters averted.

Learn from others to avoid costly mistakes

Leadership isn’t easy, but going it alone makes it even harder. The best leaders don’t just rely on their instincts – they actively seek feedback to challenge their thinking and lean on peer groups to help them grow.

If you want to strengthen your leadership and avoid costly mistakes, joining a leadership peer group might be the best choice you ever make. The right insight at the right time can mean the difference between a brilliant move and a decision you regret.