Despite holding a 96-point advantage over his nearest non Mercedes rival, Hamilton says the resurgent form of Ferrari has left him mindful about the challenges that still lay ahead.
And after a bruising Singapore Grand Prix, when a wrong strategy call cost Hamilton the chance of a win, the Briton is clear that his outfit needs to refocus.
Reflecting on the growing threat of Ferrari and Red Bull, Hamilton said: "It has got tighter and tighter as the season has gone on. We welcome that, but at the same time we have to be doing a better job.
"We were doing such a great job at the beginning of the year, and we have this [points] gap. But the gap could easily go. I am under no illusion about my gap in the championship. It is not won yet.
"We have to pull our socks up and crack on. We can squeeze more out of this car and more out of this team individually and together we can do better.
"But we win and lose as a team and we all feel not great right now. I think that is a good thing.
"If there is anyone in the team feeling relaxed right now they need talking to, because we should all be feeling the pain. And we go to the next race trying to rev ourselves up and trying to do a better job."
Hamilton believes that the step forward in form for Ferrari at Singapore was the result of the team being able to unlock potential it had in its car, rather than simply adding more downforce.
Asked by Motorsport.com about what the Ferrari form in Singapore meant: "I tend to think I am a realist and I see the situation we are in. They have come up with some sort of upgrade that has perhaps...maybe they had a good car all year it just maybe wasn't working in the right window, who knows.
"It is unlikely they brought a massive massive upgrade that has brought 20/30 points [of downforce] which is performance wise what they have taken here. But, clearly their car works really well everywhere now.
"It will be very hard to beat them, particularly as they are so quick on the straights. We can't compete with them on the straights at the moment but we have won before with not the best car, so it is just really how we deliver over the weekend.
"At the moment they are delivering better on both ends. If we are better in the operation area then we can just pip them.
"I did enough in the race in the first stint to have come out in the lead, but the whole process didn't work as well as it should do. We have to re-huddle, come back together and work together."