In a 2010 Harvard Business Review article, Umair Haque, while discussing the aftermath of 2008 said that WISDOM is “the scarcest, rarest and most valuable resource in the world today.”
He goes on to say how wisdom is the opposite of strategy and that you need WISDOM first and then strategy. Wisdom focuses “inside” while strategy focuses “outside”. He promotes an inside-out philosophy. We agree:
VERUM TUAE SUI
“To thine own self be true” (Shakespeare in Hamlet) is ageless wisdom.
Wisdom requires thinking. Adapting Wisdom to your business requires time and thought, 2 things that are in short supply today, hence the scarcity Mr. Haque mentioned. He continues:
“WISDOM in business isn’t about what YOU value, it’s about how everyone values YOU!”
Recently, dentists, like so many other business owners, who have gone back to work have realized that they’re being pulled into working “IN” the business and away from working “ON” the business.
Such has always been the challenge of dentistry. We’re taught and trained in school and with CE, to work IN the practice. Yet, if we’re smart, we realize that because a practice is also a business, working ON the business is a necessary ingredient in the formula of SUCCESS.
The lure of DSO’s is that they promote a vision that could allow doctors to offload the WORKING ON THE BUSINESS aspect of practice, while enabling them to focus on “IN THE BUSINESS” activities, which they enjoy and prefer. And, many are willing to pay a price for this promised luxury.
And this ON vs. IN conflict is one that requires TIME,WISDOM, and STRATEGY.
Spending the TIME to THINK is a critical activity that requires routine.
DO YOU SET ASIDE TIME FOR THINKING?
While WISODM might be the scarcest commodity, the most precious one is TIME. It is finite for each of us and so, should require us to use it wisely.
Setting aside THINKING TIME might be the best investment you can make.
Yet, is critical thinking and strategy YOUR core competency?
YOU have been selected for your ability to get through a rigorous dental training program. You need to follow instructions, have good eye-hand coordination and decent communication skills.
Critical thinking and strategy is something NOT screened for in the dental school application process. Dentists tend to value their time based on what they do with their hands and not their heads. Shame.
And yet now, after a seismic disruptive event, critical and strategic thinking is more important than ever.
The formula has changed, even as the result (profit) has not. Today, more than ever, wisdom should dictate strategy, which should be implemented to produce profit.
What’s THE formula?
There is none; Just a PATHWAY.
Wisdom à Strategyà Systems à Implementationà Profità Evaluation
A sign of WISDOM is to know your strengths and weaknesses (its part of the SWOTT analysis). Some of us might be blinded by emotion and other factors, preventing us from seeing, what to an outside observer seems obvious. The beauty of the Mastermind system (Napoleon Hill, “Think and Grow Rich”) is that it fosters critical thinking. It’s the beginning of the pathway.
The true value of any consulting or coaching program involves WISDOM and STRATEGY, the 2 things that are most lacking in most dental practices.
So, join a Mastermind program or get the assistance of a coach or consultant who can help you define your pathway and refine YOUR formula.
Want to know more? Schedule a STRATEGIC THINKING SESSION.
We now have a limited number of FREE 20-minute spots available at:
To your excellent health, safety and success,
Michael, Laurie and the PPS Team