THE FORMULA 1 BUSINESS
Formula 1 racing is the highest level of car racing in the world. It’s high octane, premium entertainment. The crowd is premium, the rewards are also premium.
Months and sometimes years of practice is decided in a race of about 2 hours and only one ultimate winner.
Winning is not a lone victory, you have your team of engineers, coaches, sponsors, etc. to thank without whom you won’t be the winner.
The main catch is that it is all centered around you, the race driver; your eye hand coordination, your focus, your determination, your character, ability to push your car beyond its limit, your skills, the strength of your desire to win – your passion, the sacrifices you are willing to make, your health – you.
That is why some people say it takes a good driver and not just a good car to win a race.
When racing, you must be at peak in your senses, a slight miscalculation could crash the car and cost you your life as the driver.
Sometimes, it affects other race cars, and you also take them out of the race with you.
Sometimes it’s the other way around, a driver ahead miscalculates, loses focus, crashes into your car and both of you are out of the race, not getting to the finish line.
It could simply be a mechanical fault like an unexpected, busted tire, throwing your car into a spin or simply an engine fault.
The issue is that it is high octane and heavy adrenaline pumping with minimal room for errors as any one of those errors might be fatal and comes with lots of losses to you, the race driver and your team and sponsors.
When you race, usually, you represent a brand like Mercedes, Red Bull, Audi, Ferrari, and many others, and that’s the name we the spectators see, and cheer you and the brand.
Victory comes with lots of celebrations, lots of money, fame, desire for the next race, you get your emotional high with plenty of oxytocin.
This same analogy runs true for business leaders and entrepreneurs. Everyday grind is like a formula 1 race, your decisions affect a lot of people which sometimes are fatal (loss of jobs).
You need to build your capacity over the years to be better at what you do, you need to work daily at being a better leader, making better decisions, planning better, improving productivity.
When your business becomes among the top names in your sector, you enter the formula 1 team. You become a formula 1 business.
What are you doing today to be amongst the next formula 1 racers in the next 2 years? How do you plan to remain not just a formula 1 racer, but the formula 1 champion?
This question is not for you if you are satisfied with where your business is today and where it is going in the next two years, this question is also not for you if as a C-suite executive you feel accomplished, this question is for you if you know that you are driven to not just be in the formula 1 race as a business but to be the champion in that race and stay so.
You need to set long-term plans towards achieving these milestones and set up structures and systems towards achieving these goals.
You need to set up a staff development system that addresses these concerns and weeds out stakeholders that will draw you back. Deal with succession planning, discipline, productivity, sectoral and industry issues even before they occur but as envisaged.
Is your team a great group to work with? Are you a lone ranger or a team player? Are you recruiting your winning team or just looking for who to use and dump?
Are you building assets, systems and structures that speak into the future of the organization or are you still focused on your current environment?
Is your business culture and communications an aspiring formula 1 standard or it’s just that of a street racer?
Building people, systems and structures is an expertise Coinbox Limited offers. Coinbox Limited also offers outsourcing and recruitment services, succession planning, business culture and communications development. Talk to us today, you will be glad you did.
