What Businesses Can Learn from Formula 1 Teams
The Formula 1 (F1) Miami Grand Prix took place on Sunday, May 8th in Miami Gardens. It brought local and worldwide audiences, extensive media coverage, and a wide array of sponsors. The international series of races involve the innovative technology of open-wheel, open chain, and single-seated cars is a sport where drivers are not just individuals but teams. Just as in any organization, it takes investors, management, technicians, engineers, and support staff to run a successful team.
So, what can we take from Formula 1 to better manage our people and businesses?
TEAMWORK
F1 has high-performing teams in which every member has a clear definition of their duties and knows exactly how to collaborate with each other. Everyone on the pit crew is required to train for a few years before they qualify to go for a race. The mechanics, engineers, software technicians, drivers, and managers must work in a synchronized manner during development, testing, practice, qualifying, and ultimately the races. The margins between the best and worst are razor thin so every detail and team member matters.
Businesses can learn from:
- Understanding and clearly defining individual job requirements.
- Developing knowledge, talent, and skills to best perform jobs.
- Focusing on collaboration and making decisions by seeking input from everyone in the team.
EFFICIENCY
During the races, there are multiple and simultaneous tasks to be achieved and the crew has no time to check on each other. They have clear confidence in each other with high expectations of accountability. There are KPIs* for the driver in terms of lap times and strategy. Team principles and pit crew on strategy, fuel loads, tyres, and adjustments. Management with budget, sponsors, quality of the equipment, and qualified staff on board. In short, the team is engaged, informed, and executes their specific tasks and processes with precision and on a timely basis. When all parts of the team are working in unison, the collective succeeds.
Businesses can learn from:
- Focusing on process and predictability.
- Being well organized and efficient.
- Being proactive and results-oriented.
CONTINUOUS IMPROVEMENT
Managing a team to reach the goal of winning requires continuously improving performance. With technological advances, changes in location and mapping, training, and know-how; the drivers, mechanics, scientists, engineers, and management staff need to innovate and constantly pursue best practices to build their winning strategy. All racing teams also vigorously compete in research, testing, and strategies to gain any edge they can. As in business, daily work, planning, processes, templates, communication, and project management lead to the development of aptitudes, brainstorming better strategies, understanding each other during practical work, and knowing exactly what is required to be successful.
Businesses can learn from:
- Focusing on pursuing new innovations.
- Being driven and competitive.
- Communicating and brainstorming.
F1 has many systems and processes behind the scenes of just racing a car. As we said earlier, it is not just the individual driver, but an entire team. The team needs to work efficiently by understanding each other’s tasks and roles, designing, planning, implementing, and delivering the best results. To sustain performance, organizations need to revise their strategy and continuously improve technology, training, knowledge, and communication.
For those of you who are F1 fans, these are the results of the Miami Grand Prix 2022:
1. M. Verstappen (Netherlands)
2. C. Leclerc (Monaco)
3. C. Sainz Jr. (Spain)
4. S. Perez (Mexico)
5. G. Russell (England)
*KPI stands for key performance indicator, a quantifiable measure of performance over time for a specific objective
