Business lessons from Ford V Ferrari.
For this week’s Sunday business lessons from the movies I watched Ford v Ferrari (thanks Eric for the suggestion!) a biographical sports drama film released in 2019, directed by James Mangold. The movie tells the story of how Ford Motor Company decided to build a race car that could beat Ferrari at the 24 Hours of Le Mans race in 1966.
` In the movie, Carroll Shelby, a former race car driver, and Ken Miles, a talented British race car driver, are hired by Ford to design and build a car that can beat Ferrari. The movie chronicles the challenges they faced building the car, as well as the political and corporate obstacles they encounter within Ford.
The movie climaxes with the 1966 24 Hours of Le Mans race, where Miles drives the Ford GT40 to victory, beating Ferrari and ending their dominance in the race.
Here are the business lessons I learned this week
Champion beware: This movie is mostly told from the perspective of Ford which got me thinking about how people we identify as Champions can sometimes be bios in relation to solving their challenge through their story. It’s essential to validate what they are saying with other influencers and be sure to garner knowledge at many levels within the prospect.
Take calculated risks: In the movie, Ford took a risk by investing millions of dollars in a racing program that had no guarantee of success. However, by carefully choosing the right team and approach, they were able to achieve their goal. Similarly, in business, taking calculated risks can lead to great rewards.
Embrace innovation: One of the reasons Ford was able to challenge Ferrari was by innovating and taking a different approach to racing. In business, it's important to embrace innovation and constantly look for new ways to improve your products, services, and processes.
Collaboration is key: The success of the Ford racing program was due in large part to the collaboration between the designers, engineers, and drivers. In business, collaboration and teamwork are essential for achieving success, how many projects have you seen fail through poor cross functional communication.
Hire the right people: Ford knew they needed the best team to compete with Ferrari, so they hired top talent from various fields. In business, it's important to hire the right people with the right skills and expertise to help your organization grow and succeed. And yes sometimes the price tag for the right people is high!
Focus on the customer: In the movie, Ford realized that racing success would translate to increased sales and market share. Further proof of this is Mercedes who sold over 200,000 more cars in 2014 having won their first F1 constructers title. Although not as sexy as Formula one, investing in areas such as ISO Certification and SOC compliance are of equal importance in today’s business environment