Missing the Peak of the Yield for Success
One of the most surprising results of speaking, writing a blog, or writing books, is that you get a lot of feedback. When it comes to The Super General Dental Practice, many mature practices see the benchmarks I have set as difficult at best, but for many impossible. I don’t agree, but I would like to put this in perspective. While we have many clients that achieve and exceed these very benchmarks, there is something that each and every one of us needs to understand and embrace in order for anyone to create the practice that they always knew they would have.
I love studying finances, investing, goal setting, and success. Stay with me, because this is not about investing. In this pursuit we find the perfect example: The Peak of the Yield Curve. Below you see a simple “normal” yield curve. The parameters are TIME (in years) on the horizontal axis and YIELD (in percentages) on the vertical axis. When we invest in bonds, our goal is to purchase bonds at a point along the curve where the highest yield is achieved (higher interest or Return on Investment) in the shortest length of time. The problem is that this Peak of the Yield cannot be purchased by a normal human because large investment houses like Merrill Lynch and UBS gobble them up. You and I have to settle for something short of the ideal length of time or short of the best yield percentage.
If we get in quickly or invest enough money, we can, as individuals, get close. But never, ever, will we be able to hit that magic point called the Peak of the Yield. If you think about it, it may be enough. We are close to the heavy hitters and we will do quite well.
Now how does this have anything to do with benchmarks. Whether you have read The Super General Dental Practice, Code Breaker, Roadmap to Wealth & Security, or some article I have written, these benchmarks I push you towards are the quintessential “Peak of the Yield” when we look at Dentistry as a business. What occurs if we never plan, or we fail to set goals and “settle” for just whatever happens? We end up being mediocre. What happens if we strive, dream, and persist? We go for the Peak of the Yield and might make it or fall slightly off the pace, but we will outperform those who don’t, and we always become successful. Dentistry is simple. You don’t have to do too much to win the game. All you have to do is get close to that Peak of the Yield (maximum return on our investment for the shortest amount of time commitment).
Your goal for today is to stop comparing yourself to the guy down the street, stop listening to the negative economic reports on TV, radio, and print, and decide that where you are in 10 months will be exactly where you wanted to be. You are not a victim, and no one can hold you back. Become the person that sets the pace and forget about the past. Robert Hastings poem The Station says this: “It is not the troubles of today that drive me mad. It is regret over yesterday and fear of tomorrow, twin thieves that rob us of our today.”
When I was a child, I found a round, slightly convex mirror left on the side of the road after a motorcycle crash. What I found is that it would reflect light into areas where light could not reach. It became somewhat of a game for me to see how I could position the mirror to reflect light into areas of darkness so that I could see more clearly. I could position the mirror to see inside an armadillo hole, or under the house, or a hole in a tree. I could even signal my friends. Much like this, I want to be the mirror for you that reflects light so you can see a better future, a better you, and a better practice. You can do this if you will just decide that doing is more important than just watching.
This is how you Summit.
Michael Abernathy, DDS