The F1 Formula
The Pit Stop
Identify the critical processes in your business: which parts of your business give you a competitive advantage? Which parts can potentially lose you the race? Where are your pit stops?
Apply the maximum amount of resource possible: This is not just a question of recruiting people. How much of your time do you devote the issue? Can your customers and suppliers help? What about sharing information with competitors?
Practice/test and practice/test again: It is the first thing F1 teams do when they arrive at a circuit
Understand every single part of the process: How do the bits fit together? What/where are the critical points? eg. air gun pressure. Then, continuously improve that process : 0.5 seconds extra in the pits can mean the difference between 1st and 2nd on the track. There is no aspect of the process that is too small or trivia.
Involve all stakeholders in your winning strive; the tyre manufacturers, wheel manufacturers, wheel nut suppliers, compressed air gun suppliers
Learn to deliver under pressure : At some point you have to do it for real , TCUP (thinking clearly under pressure)
Deliver again and again and … Once is not enough! Consistency of delivery is vital , How consistent are you?
Lap after lap; after lap …
1. Open and constant communication – Do your employees, suppliers, customers and competitors know what is happening at all points of the chain? Do you celebrate with them? Do they also know what you need?
2. No-blame culture – Admit the mistake, put it right and review practices to make sure it doesn’t happen again, finger pointing just engenders bad feelings.
3. Build the formal organisation around the informal – Don’t impose formal systems and procedures simply for the sake of them, if something works, capture it and make it the norm. You and your people know what works, so just do it!
4. Alignment of individuals, team and partners to achieve goals: – great teams are those where all members have the intention of being the best in everything, such teams need to be nurtured so be careful to get the non-essentials right as well as the headline things
5. Focus, focus, focus – What is going to make the car go faster?
6. Make quick decisions and learn from the results – What is the decision making process at your organisation? Can you recognise opportunities and take them quickly without fear of blame?
7. Real gains come at the boundaries – Do the individual components in your organisation work together to increase performance? Don’t view things in isolation
8. Be realistic about what you can achieve – Don’t try and compete with Microsoft, just take the crumbs from the table (Microsoft crumbs probably constitute a sizeable business anyway!)
9. Never believe that you can keep winning – Ferrari lives each day convinced that it will be beaten tomorrow, learn from success as well as failure to ensure you don’t become complacent
10. Leaders at all levels of activity – truly motivate and empower your staff, trust your employees and work as a team with customers and suppliers?