10 business lessons I learned in 2023
CEO Aspen Peggs reflects on the ups and downs and the growth lessons of being a small business owner
This month marks the four-year anniversary of Northern Primrose. When I started the business in 2020, it was just me with one client and a vague vision of what I wanted to build. What I knew for sure was that I wanted to create a virtual executive assistant business centred on trust, value, and relationships – where clients could trust their delegated work were in dependable hands and feel supported in their goals, and where employees would feel valued and have the autonomy to do work that interests them.
I didn’t set out to have 18 virtual executive assistants and transcriptionists across Canada, or to support 30 companies from small businesses to national organizations. Every year it’s been a journey of learning and growth and of ups and downs. As Northern Primrose enters a new chapter of growth, I look back on some of my learnings from the previous year.
Here are 10 business lessons I learned in 2023.
1. It’s okay to do things differently
Everyone has an opinion on how they would do things. I’ve had countless conversations with other business owners sharing their reasons why this or that doesn’t make sense for my business. And though I’ve never really put too much stock into others’ opinions, in the last year, I’ve really stepped into a different stage of being more assured of my business decisions and operations. I’m reminded that I prefer to follow my own instincts and carve my own path rather than follow the path led by others.
2. It’s okay that we no longer serve everyone
In the first couple years of business, we were serving every client at every stage of their business growth, which meant that if they needed 2 hours of support every several months we would accept that. That model no longer makes sense for us. And if a client doesn’t have half an hour of work per day to hand off, then they can probably manage it on their own.
Putting in place a 10-hour per month minimum for clients was a difficult decision because I knew we would lose some clients. But by not serving everyone, our team has more steady productivity, consistency, and we’re able to build stronger relationships with our current clients and open doors for new ones.
3. Problems make good opportunities
When someone comes to me with a problem, my response is, “Great, I love that you brought me this problem.” Problems give us an opportunity to find a solution and make a process around it. And let’s be real: We’re not saving lives. No problem in the business is so great that it should cause a level of life-threatening response. I see problems now as an evolution of learning – how do we come up with a solution to the problem and then create a process around it to make it better for everyone else.
4. It’s okay not to look to other people’s models of success
Every entrepreneur is going to do things differently according to what makes the most sense for them. If meditating first thing in the morning, reading X number of self-improvement or leadership books a month, and only supporting women-owned businesses works for them, great. I enjoy learning about business and leadership for the sake of general interest and growth – but not with the intention to prescribe to any particular models of success or ways of doing things.
5. Getting better at the hiring process
I think one of the biggest lessons I’ve learned is becoming clear on who we’re looking to work with. It’s about finding the right seat for each person on the team bus and having a vision of their clear development path. I’ve learned how to spot more quickly when a new hire doesn’t belong on the bus and won’t be the right fit longterm – and then to act swiftly and compassionately so they find another bus better suited for them.
6. Prioritizing my team over clients
It comes to a surprise to many business owners who I speak with that the people at Northern Primrose mean more to me than our clients. Here’s the thing: How can we support our clients well if our team doesn’t feel supported themselves? We can’t – not sustainably. So, my first and foremost job is making sure that my team feels psychologically safe and can be their authentic selves, without fear of repercussions for making mistakes or not being accepted for turning down work that they’re not interested in doing. It also means enforcing a zero harassment policy and ending work with clients who have behaved unprofessionally towards my team.
7. It’s okay that not everyone agrees with me
In the past, I’ve made decisions that weren’t the right decision for my business so that I could make everybody happy. As a leader, it would be great to have every person on board with the decisions I make. But that isn’t realistic and I’m okay with that now. I’ve learned that as long as I’m open and transparent about the why of my decision, people are more willing to get on board and work with it.
8. Getting support from business owners
Finding a group of other business owners to confide in and bounce ideas with has been a game-changer for me. I receive executive coaching from TEC and it has been worth every penny. It has helped push me outside my comfort zone, allowed me to share ideas and have hard conversations in a safe space with other business owners who are further along in their journeys. Their feedback has been invaluable to my business’s growth in the last year.
9. Embracing leadership fully and authentically
One of the things I learned, which surprised me, is that I actually enjoy leading the charge as much as, if not more than, doing client work. Initially, it was uncomfortable to let go of the client work – because I was so heavily in it for years – to focus primarily on leading. Specifically, leading in a way that feels authentic so that I can be who I am without having to pretend, which encourages my team to show up as their authentic selves, too.
10. It feels good to say no
It’s always difficult to turn down opportunities to work with businesses. But I’ve come to understand that turning down opportunities when it’s not the right fit, will ultimately save time and money for everyone. When I can sense from the offset that it’s not the best thing for the potential client or the best thing for my business, it’s just not worth the effort of trying to fit a square peg into a round hole. Learning to say, “No thanks, but here are other agencies I’d recommend” has felt pretty great.
Does honesty, authenticity and clear boundaries align with your business? Get in touch to learn how we can help your business grow.