When Toto joined Mercedes-AMG in 2013, he brought a strong strategic vision to the team, balancing technical innovation and team cohesion, as well as a mindset that contributed to an organization that is obsessed with excellence, which ultimately led to a stunning streak of victories, which are firm memories in their fans minds till today.
This success was engendered through his strategic vision across all aspects, from dealing with fierce internal rivalries – Hamilton & Rosberg, to empowering his technical team to a point where everyone felt responsible for the team’s success. None of which could have been achieved from an ivory tower.
Sustainable success comes from setting visions and goals that everyone can align with. This means you must have a clear vision of what you want to achieve. Do you want to grow aggressively, optimise for profitability, or stabilize operations?
“I don’t run racing cars, I run people that run racing cars.”
Leading a team of 1000 people, including an elite group of drivers, engineers, and mechanics, as well as the people who support them can be a daunting task when you are looking for a leader who can assess and positively influence the organization at a granular level.
A recent financial challenge imposed on the F1 competitors was the cost cap implemented in 2021. This move meant they would have to entirely revamp their business model relying less on spending and more on innovation. F1 is a sport with margins like no other. Throughout winning 8 world championships in a row, it was vital to maintain focus continuously innovate and not become complacent.
One area where innovation in finance is most viable is the continuing rise of Financial Planning & Analysis roles, taking a strategic view by connecting with the business data and translating it into insights that guide plans.
There will be known challenges and unknown challenges along the line, but if you have your vision firmly set in mind, then making decisions becomes simple and easier to execute while mitigating future risks that could impact your goal. An agile finance leader that can foresee or adapt to changing conditions, can give you a massive advantage over your competitors.
“It is not necessarily the best individuals who win races but the team that works best together.” Toto Wolff
The Mercedes-AMG team has a no-blame culture, that distinguishes between blame and accountability. This culture has been decided on and championed from the very top, as attested when at the Azerbaijan Grand Prix of 2017, Toto would not name and blame an individual in an incident involving Hamilton who was close to winning the race, and a loose headrest forced him to pit causing him to end the race early.
Team chief designer John Owens said “Culture is everything. If you have a team where people feel afraid to make mistakes, or afraid to try for fear of how they might be viewed or, even worse, whether they keep their job, all those kinds of things promote a culture of conservatism in design and approach to problems.”
Much like in F1, crafting teams whether it be for finance, operations, or HR, is a strategic exercise that needs to be done with a clear goal in mind, and a channel to attract the right kind of people that share your vision. Stay ahead by developing your peer network, and having a trusted advisor in the know to ensure you don’t miss YOUR eight world championships in a row.
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