Hey Jobber Nation.
The start of the 2019 Formula 1 season has me thinking quite a bit about technology and what lessons aftermarket businesses might be able to take from how those Formula 1 teams deal with technology.
Probably the most important that I see is that you really can’t rely on old technology to move you forward in your business.
The formula 1 car pictured on this poster behind me from 2008 would have been lapped four times by the end of the first race in Australia, so that’s certainly not a position you want to be in in business.
So you do need to invest in current technologies to ensure that you’re in the race at all.
But a good second lesson I believe is that it’s not just a question of making those big investments once every few years; it’s about continuous improvement, looking for areas that you can improve what you have in place.
The teams don’t stop developing their technology at the start of the first race. They work on it all the way through the races, all the way between the races, ongoing throughout the whole season.
The cars at the end of the season are much more developed than the cars at the beginning of the season, and those who get it right end up on the top step of the podium more often than not.
And the third lesson is how important it is to get the most out of the technology you have.
Most of the teams have very similar sets of technology, but those teams that can get the most out of those packages are the ones that will find themselves with more points, with more wins, with more high finishes and that’s really where you want to be at in business.
So the three things again to focus on are making sure you have good solid technology in place to begin with, that you continually look for areas that you can improve it, and that you have the people in place to make sure you can get the most of that technology.
The good news for business is that there’s no checkered flag falling at the end of 58 laps, 60 laps, or 70 laps. You can keep working on it.
And there are no rules in place saying you can’t use this technology or that technology.
The world is your oyster and that gives you a real opportunity to, for lack of a better phrase, enjoy the race.