3. Constantly innovate
Nothing in F1 ever stands still (pardon the pun!). There’s a constant process of research, development and innovation going on behind the scenes. Each team is constantly analysing how they can improve on their performance – in a sport where being a thousandth of a second faster means the difference between winning or losing, you do whatever it takes to compete! Just because you won one race, this doesn’t mean you can sit back and relax.
If you want to stay ahead, both in business and in your personal life, you should always be looking at where you can improve. Even if this is only by a tiny degree, you never know how much that can count until you do it. If you don’t, you can be sure your competitors will!
4. Don’t be afraid to change
In the last three years, the sport of F1 has been completely shaken up by Liberty Media. After buying out Bernie Ecclestone, they’ve made changes at every turn to reconnect with fans, increase the media base and add to the racing calendar. They’ve modernised F1 on digital media, so much that F1 now has the fastest growing social following of any sport.
Not all the changes have been popular, but in business this will always be the case. People can be resistant to change. Not every decision you make is going to please everyone. Liberty recognised that as a new generation of F1 fans come through, the old systems needed to change and adapt to stay ahead.
In your business, are you looking forwards or backwards? Are you pleasing your old customers at the expense of expanding and reaching new, more profitable markets? Don’t be afraid to make changes.
If there are changes you know you need to make in your own business, you need to think about HOW you are going to make these happen.
If it’s a case of finding funding to grow, expand or get set for a new market then I can help. I’ve funded all kinds of businesses, so get in touch with your pitch if this sounds like you.
Matt Haycox – Matt@fundingguru.com