Despite having a healthy advantage over their rivals in Spain, Toto Wolff has warned that Monaco is a "different story" and "can bite".
The Brackley team claimed their fourth successive 1-2 of the Championship last Sunday in Spain and did so in emphatic style.
Lewis Hamilton and Nico Rosberg, who crossed the line with just 0.6s separating them, were a massive 49 seconds ahead of third-placed Daniel Ricciardo.
It was an impressive showing on a weekend where Mercedes' won the first round of the 2014 development war.
However, as Wolff notes, next weekend's Monaco Grand Prix is a completely different grand prix to those already run.
"We came away from Barcelona with plenty of positive points and the most encouraging was that our development package worked, which allowed us to maintain a healthy gap to our rivals on that circuit," he enthused.
"But," he added, "Monaco is a different story every year.
"It's a place that rewards driveability, confidence and a strong qualifying performance. Most of all, though, it's about avoiding mistakes: the drivers have no room for error and neither does the team.
"We have been pushing hard since the last race and nobody will be backing off in our teams at Brackley, Brixworth and Stuttgart."
And although the Mercedes executive director has every reason to be bullish about his team's chances next Sunday, Wolff insists everyone at Mercedes is keeping their feet firmly on the ground.
"We are heading to Monaco with our feet on the ground because it is a place that can bite you if you get over-confident," said the executive director.
"We have a quick Silver Arrow and Lewis and Nico are specialists around the streets. But we need to bring every piece of the puzzle together if we want to maintain our run of success next weekend."