F1 and Business - shared skills from the fast lane

Steve Nevey, who has spent over 20 years working in Formula 1, most recently with the world champion Red Bull team, gave the key note address and said: "In Formula 1 it's a given that you know exactly what the competition is doing and, in particular, whether and where they have an edge on you. In the business world this analysis doesn't seem to carry the same importance. Of course businesses keep an eye on their competitors but that's about it; there is rarely enough analysis done of their strategy and how you can put systems in place to beat them?

"In motor sport they understand the importance of minimising the things you can't control. If you can control as much as possible you can plan more effectively. The final and possibly most important thing that businesses can learn from Formula 1 is to respect and trust the skills of those around you. When you see a team complete a three-second pit stop it looks natural and easy but it's only possible because everyone involved trusts their colleagues. They know they have the skills to complete their tasks."

Sharon Critchlow, compliance and operations director of Bristol based financial planners Citimark Partnership and president of ACCA Bristol members' network, who organised the event said: "Steve's presentation was fantastic, I know from the comments from those attending that they enjoyed it as much as I did. It was great to see so many people from the South West business community there. Citimark recently teamed up with Porsche for a client event so we've seen just how much skill and teamwork goes into motor racing. The similarities with business were clear to see".

Formula 1: Success in the fast lane was held at Culters Hall, Brassierie Blanc Bristol and was sponsored by Hays.

Nick Cann, Steve Nevey, Sharon Critchlow and Hazel RichardsNick Cann, CEO of the Institute of Financial Planning, Steve Nevey, Sharon Critchlow and Hazel Richards, Chartered Champion for the Chartered Insurance Institute.