for business leaders in today’s volatile world where business environment and market dynamics are frequently changing. In such a scenario, one has to continuously take stock and review not only current business strategies but also re-calibrate them based on external and internal changes.
The book provides a tool on how during timely breaks one can relook one’s business strategies and either fine tune them or make corrections, based on early warnings. The analogy of business review breaks or reflections to the Formula 1 pit stop break is brilliant. It brings a fresh perspective on how one should look at these business reflections. Normally, most organisations are obsessed with their original
idea, goal or what they want to achieve in market. However, not everything goes as one had originally envisioned.
The mistake most organisations make during these reflection breaks or review meetings is to not read the early warning signs and revisit the strategy. However, in Fl racing pit stop, one is actually looking into all the parameters — the condition of the car, tyres, fuel, the track condition, weather, the driver etc. In business too, one should look at all parameters such as leader (driver), product (car) leveraging organ- isation/eco system (pit stop team), external environment (track), investment (fuel), engine and tyres (people), competition (other racers) and so on.
This concept is easy to explain and communicate to the team. For our re
cent quarterly review meeting (QBR) in Mumbai, we used the theme “Pit Stop Break”. We not only revisited all the key tenets of business goals for 2015 and took stock of all that was going right, that is, good business growth indicators, go-to-market strategy and people, but also looked at three potential red flags that had cropped up silently, and needed immediate attention and correction to ensure long-term stable growth. This fresh approach of “Pit Stop Break” helped me pass a clear message to my frontline leadership, who then came with executable actions to address the red flags. Ed
Somani is Country Manager, 1juiia.
Recent reads: The Difficulty of Being Good by Gurcharan Das; When Genius Failed by Roger Lowenstein
I recommend: Enchantment by Guy Kawasaki, McDonald’s Behind the Arches by John Love
On my shelf: Biographies and books on d management.