After much procrastination, soul-searching, and a lot of coffee, I can finally say… I’ve written a book! I’m really chuffed to have collaborated with Mark Gallagher, an expert in high-performing Formula 1™️ teams, to create ‘The Future Business Formula: How to change faster and accelerate business success.’
Have you ever looked at how your organisation runs and wished for the speed, innovation, focus and collaboration evident in how Formula 1™️ teams work? Well, in our book we have used our real-world experience in sports and business consulting to create a guide that consists of 12 critical principles to help your business thrive in a complex and fast-changing world.
As we count down to the book’s release in May, I’m going to publish a weekly blog series which gives an overview of each of these 12 principles that you can apply in your everyday work. So, if you’re not able to get your hands on a copy, you’ll still be able to get the low-down on how to set your business up for success…
Principle One: Strategy
The first chapter, “Strategy: Create a strategy for an unpredictable world – emergent, adaptive, relevant,” sets the tone for the entire book. We emphasise the need for businesses to create a strategy that is flexible, relevant, and adaptable to a constantly evolving world.
As we all know, the world is volatile and constantly changing, making it challenging for businesses to rely on traditional approaches to strategy. In this chapter, we delve into the concept of adaptive strategy and how it can help organisations deal with the unpredictability of the modern world, discussing the importance of creating a strategy that is focused on doing something new and building on existing strengths while reacting opportunistically to emerging possibilities.
Alongside insight from Neil Martin, former Director of Strategy of the Scuderia Ferrari Formula 1 team (who also has held similar roles at both Red Bull Racing and McLaren), we examine real-life examples of companies like Amazon, who have successfully implemented an adaptive strategy and diversified their business model, and Telefonica, who failed to adapt and subsequently shut down a key digital unit. We also explore the principles of experimentation, fast failure, and continuous learning at both the delivery and strategic levels, as well as the importance of aligning projects with strategic objectives to ensure success.
As we wrap up the first chapter of our book, we hope you can take away the importance of embracing complexity, creating an adaptive strategy for your business, learning from crisis management approaches and how it can lead to success in our constantly evolving world. Stay tuned for the next principle in our series!
Principle Two: Customer
Read Principle Three: Alignment
Read Principle Four: Leadership
Read Principle Five: Culture
Read Principle Six: Talent
Read Principle Seven: Innovation
Read Principle Eight: Change & Delivery
Read Principle Nine: Simplification
Read Principle Ten: Organisation Design
Read Principle Eleven: Learning
Read Principle Twelve: Measurement
More information on The Future Business Formula