If your co-authors and you concurrently changes to the same document/file, then you will have to deal with conflict resolution. Such cases are flagged locally in step 9. If you want to avoid such situations, then collaborative online editors (e.g., online editor supported by Overleaf) may be the way to go with the downside that you will not have control over versioning.

As for concurrent editing of different document/files by different authors, it shouldn’t be an issue with this workflow.