The Formula One Method – Optimizing Performance
I have been watching the Netflix docuseries on Formula One racing recently, I must admit it becomes somewhat addictive. For true car racing enthusiasts this is an exciting time of year. The 2024 Formula One (F1) racing season just commenced in Bahrain last weekend. Over a period of 10 months, F1 teams literally fly around the world competing – next stop, Australia.
F1 teams are middle sized organizations, most averaging around 600 people on a team, most of the team members are engineers,
Here are the key learnings from F1 racing for us as business leaders:
- Know what your role and responsibilities are within the team. Do your part and do it well. Do not try to do someone else’s role or interfere where you shouldn’t.
- The team principal runs the team, sets the culture and is ultimately accountable for the team’s success.
- The pit crew (about 20-30 team members) who handle the 2.5 seconds (or less) pit stops know their assignments and focus on those assignments only.
- The driver’s job is to optimize the car’s performance during the race. They will constantly receive and give feedback during the race regarding the car’s performance. A few things can be changed during the race, but no major adjustments can happen.
- The engineers, designers, and parts manufacturers’ work is done well in advance of race day. They probably play the most important part regarding the car’s performance. They take in all the feedback received during race day and make necessary adjustments before the next race at another location around the world.
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