4 Business Lessons From Formula One - Blink and You Miss It!

A pit stop is when a racing vehicle stops in the pits for refuelling, new tyres, repairs, mechanical adjustment, driver change or even a drink. A pit crew is made up of about 20 mechanics – 4 tyre changer, eight tyre carriers, two stabilizers, a front wing man, front and rear jack men, fire extinguisher man and a starter man. The primary responsibility of the fire extinguisher man and the starter man is to STAND READY

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The fastest pit stop time is 1.89 seconds. This time was set in the 2016 European Grand Prix by the William Team for Felipe Massa. So let’s think about this – if you were driving your car and you had to change just the tyres how long will that take you? The change in a pit stop happens at a speed of light – in the blink of an eye. The pit stop crew harness the power of team work to pull out the perfect change, at the perfect time.

As an entrepreneur what lessons can we take from the pit stop and the pit stop crew?

1.    The speed of Change: The business environment is evolving and highly competitive. For a small business to survive you have to go with the speed of change –  what changes can make to bring your business even closer to the customer? How can you use technology to boost your business? What channels are you leveraging to interact with the customers? If you fail to move with change, be sure that your business will be left behind. Take note that the needs of your clients are also changing with the trends – what new ways can you further enhance your products or service to meet the needs of the evolving customers?

2.    The Power of Synchronization: The Pit Stop crew have to work in synchrony to pull the perfect change. To synchronize mean to operate at the same time or rate. The questions to ask here are - who do you have on your team? Do they buy into the vision you have for your business? Are you moving at the same rate with your team member? In other to run your business successfully, your business processes and team members must all be in synchrony – the pit stop crew has 20 mechanics – all with different roles, working in synchrony you achieve the time of 1.89 second – blink and you miss it. If one of your team members falters it might cost you the race – Who do you have on your team?

3.    Every Second Counts: What is the decision-making process in your business? Are your team members empowered to take decisions? How willing are you to take risks? If the decision-making process is stiff, you may not be able to meet the needs of your customers, and you will lose them to your competitors who are willing to be flexible. Timing in important in the business environment – Open your business on time, deliver your products or services on time, be quick to respond to queries – timing can make the difference between how much you make now and how much you can make.

4.    Stand Ready: The role of the fire extinguisher man and the starter man is to stand ready in the case of an eventuality. They are prepared for a fire or if the driver’s engine refuses to start. What is your contingency plan for the business? If your services are no longer required again due to political, economic or technology changes – these are factors you cannot control. What would be your backup plan? Are you standing ready? Is your business proactive or reactive?

In the Formula One race, deciding when to make a stop and how many stops you make is crucial to the success of the contest. The pressure is on the pit stop crew to get the driver back on track as quickly as possible. In your business, do you stop and evaluate your strategy? When do you stop and re-evaluate your business strategy? Answers to these question will determine the success of your business.