Managing Asia’s biggest motorsport event : F1
In light of the recently concluded Formula 1 2018 Singapore Grand Prix, we have much to learn about planning and execution from one of Asia’s biggest motorsport event and one of Singapore’s biggest event. Bringing an average of $150 million in tourist dollars and over 45,000 international visitors each year during the race period, it is no simple feat for any event organiser to plan, execute and follow-up after. It is always challenging as it can only be better or different from the past productions. Even supporting suppliers and vendors are critical to the process and success.
Let’s look at what event management companies can pick up from Formula 1:
1. Formula 1 has the most insane logistics, with almost 50% involving non-human; referring to the cars, spare-parts and other equipment to transport across countries within 2-3 weeks. An impeccable schedule of movement of equipment, personnel, facilities and services with timeline is critical.
2. Destinations and Venues for hosting lounge parties, concerts, fan meets have to be planned and booked many months in advance.
3. Theme and Décor of the venues has to bring out the thrill and excitement atmosphere, and complement the sight and sounds of the race. Singapore GP’s specially-designed track-side hospitality suites are indeed impressive examples for business partners to network, generate new business opportunities, or simply celebrate alliances and reward associates.
4..Only the reliable and reputable suppliers should be contracted as these local small and medium-sized enterprises are hired for 90% of the preparation work such as circuit set-up, catering, ticketing and security services, for the race event. The team is as strong as its weakest player.
5. Plan for “rainy days” or contingency plan is a “must-have” to manage any turn of events or any deviation from the original plan. It is always good to be prepared.
With proper planning and careful execution, the scale of the event might not be that daunting. One should always engage a professional event management company to do all the work on behalf.