Podcast Show Notes- Episode 5- Your Questions AnsweredApr 21, 2022
Welcome to the MUBO podcast, a podcast for busy parents who are juggling kids, busy lives and running a busy business. My name is Ceri Gillet, I am the Chief Executive Officer for MUBO, which is a social enterprise which helps more parents start and grow businesses.
In today's episode of the podcast we're going to be jumping in with a Q & A episode, so let's dive in.
Hey friends, welcome to episode five of the podcast ive to to preface this episode and let you know i am out for a walk, if you’ve listened to this podcast since the beginning you’ll remember that episode one was recorded in a field, episode five is being recorded walking around my village i'm conscious that im wearing a big puffy coat, because even though the sun is shining, it is very cold in South Wales today. I'm carrying a bag for life, because I'm off to the Spar, I need to buy cat food and a Kinder Beuno for Fred, all that glamorous stuff. I'm recording the Q&A episode, which I tried to record or certainly was on my schedule to record about 6 hours ago, but in true mum and entrepreneur style, the day has flown away from me. So i hope you'll forgive me if the audio is not perfect, i hope you'll forgive me if my language is not perfect, it's been one of those days friends, if you know what i mean. Maybe pop your headphones in if you've got small people around. Just in case, I'm going to talk and walk as we do the Q & A. Actually I'm about to go up a hill so I'm probably going to get breathless, lord help me.
Today’s Q & A is a question that came in from the lovely Faye, and the question is..
How do you know when it is the right time to invest e.g business coach vs Facebook ads.
So if you're listening to this podcast and you don't know me, I am recording this podcast for mums in business because I am a mum in business and have been for quite a while now, 6 years. I was in business before that also, and I am a certified/ qualified / experienced business coach and consultant. I founded MUBO, a social enterprising business accelerator for parents, mainly mums, to help busy mums to start and grow brilliant businesses, that's what we do. But I am a coach at heart, I know the coaching industry, I know what's out there for women and I know it's not all fantastic. I also see it from a business owner's perspective, and I understand where you're coming from with this question Faye. Did any of that make sense? I'm unsure.
Anyway, We're all looking for ways to grow our business, that's probably why you're listening to this podcast right? You want to find out how, as a busy mum, you can find tips and tricks and hints, proven ways of getting that business to grow so you can make it sustainable, you can make it enjoyable and you can ensure you're making enough money, so you and your family can survive. Doesn't sound like I'm going to survive walking up this hill. * breath Ceri*
So I get it, we're all looking for the way. The ways that are really popular are marketing yourself better on social media or finding a coach or mentor who can support you and give you those hints and tips. Let's talk about social media first, social media is a brilliant tool, I have used it to great benefit in all of my businesses bricks and mortar and online. It's for the majority a pain to play the market at the moment. For a lot of small business owners you can think, the only way I'm going to grow on social media is by running ADs, since the last IOS update a lot of marketers on Facebook AD strategist have faced a lot of problems. It's more difficult for them to get that return on investments in clients because of some changes that were implemented, that meant you could opt out of giving your data basically, and tracking. People have found they have to spend a lot more on ADs, to get a similar amount of return. I think ADs are a fantastic idea, but ADs should be part of a strategy, part of a long term strategy. It is highly unlikely that you're going to take on an ADs manager, give them a small budget, if that exists and get a massive return on your investments. By that I mean, get loads of clients, or get loads of people to buy your product. It just doesn't happen that way, instead you have to look at it as a longer term strategy, what does your strategy look like over 6-12 months.
Where are you trying to get too? How can ADs play a part in that in the longer term goal? How can you either skill up yourself, or work with an amazing ADs manager to understand your brand, to understand where you're trying to get too, to ensure you have got the right data. I don't think, it's just a quick win anymore, I think ADs have to be thought about carefully, you're budget has to be thought about carefully, and you have to get someone at least in the first instance who really knows their stuff, and is experienced in the kind of ADs you want to run, the industry you're in, in order to handle that. I think there's two things there, a lot of us are really scared of spending that money as an ongoing strategy, when it almost seems like magic none of us can really know or see what's going on, we're just spending the money and crossing our fingers. I can see how people are scared, getting involved in that but as a long term strategy ADs work, there's no denying that so, i just think you have to think about it carefully. Don't think if you're going to run an ad that you are all of a sudden going to have all the leads and all the conversions that you want, that is not really how it works. You have to think about it carefully, and consider the long term strategy for your business, your ADs, so that's the first thing.
The second thing is to talk about coaching. Now as a coach, I obviously highly rate coaching. I have been a coach since my mid twenties, so a reasonably long time. I have also received a lot of coaching, as well as coaching other people and doing various coach training programmes. I have always been coached, I have had a coach for many years for my personal and business life. I do really rate it.
Here's one thing that I worry/think about, a lot of people do not actually understand what coaching is. Coaching is a process that helps you find the right answers within yourself, the right answers for you and in business coaching that means a coach helping you find the right answers for your business within yourself. Coaching is a process that you follow. Many people think that they're going to get an amazing ‘business coach’ and that business coach is going to tell them how to get certain results in their business. That's actually not coaching, that business mentoring- completely different thing. The industry is unregulated, it is filled with people out there who call themselves ‘business coaches’ who are no business coaches, they do not follow coaching practices or procedures. They're doing more of a telling, more of a mentoring- there's nothing wrong with that, but it does cause some issues when you're talking to people about coaching, because coaching is not giving you all the answers or telling you what to do, that is not coaching. What you have to think about is, if you want to invest in working with someone, what is it they do, how can that help you and what do you actually want? Do you want coaching and a growth mindset? If so a coach would be a great fit. Is it that you want to receive coaching to work in a relationship with a co-founder or a board of directors? Coaching could be a great addiction. Is it that you're coming up against blocks, to do with growth in your business or the finance in your business? It's the same pattern repeating again and again- coaching could be a great fit. If it's specifically about the growth of your business, in terms of ‘we're making x amount of money and we want to grow to this’ and we want someone to come in and tell us how we can do that, that is not coaching. That's more like mentoring or a consultant, that's why it's really important to define what you're looking for when it comes to getting support so you can identify the right person to help you.
Let's say you want the support I mentioned, you want to scale to your next income level, and you need to know the steps to take to build a strategy to do that, and you approach a coach, they are unlikely to be able to do that for you. They probably won't be experienced in your niche, they probably are not going to be experienced in business strategy or visibility or growth methods. So therefore, they're going to come in with a completely different approach. So you might have a great experience, you might not. You might be feeling left pretty disappointed because you've invested in something you thought was going to do a certain thin for your business, and that not your fault or the coaches fault, it's just not the right fit, you weren't buying the right thing and actually if you communicate at the start a coach should tell you “that's not really what i do’ and i think that's really important in the early stages to make that distinction. What are you looking for in your business? What are you looking to get help with? What gaps are you trying to fill? What does that mean? So mentors are out there, there are coach mentors- that’s actually what I do. I can work within new and traditional methods, but I'm very much a mentor coach, leaning on my own experiences, and talking about it. Within my coaching practice I have worked in a variety of businesses in a formal setting, so I have a really good experience of a wide variety of sectors. Also as a coach ‘mentor’ consultant I'm quite confident in saying I'm experienced in and what I'm not experienced in. If someone approaches me in an area im not so used to, i usually know somebody that i can send them too and i don't mind doing that, and saying it not my area, it's important if you're investing and working with somebody whos not that experienced that can, handle the work and can get you the results you want and enter into a working relationship with you that is beneficial to both parties. In the same way as Facebook ADs, were talking about the budget you have to put aside for a great ADs strategist or ADs manager, it's a similar thing for a coach or consultant or mentor, because they all have different price points and i know some people who have had to make a considerable financial investment in order to work with a consultant or bring that on board for their business.
So I think in answer to your question, what's more important to your business or what should you do first, coach or ADs it depends on the results you want to get. I always think a good coach or mentor will help you work on yourself or the business and that's a totally different outcome to ADs, and what ADs can do. I know some pretty good ADs strategists who can coach you but, it is a different thing. So if you're really looking to grow yourself alongside the business, I would say the coaching and mentoring or getting a consultant in is really important. If you're looking for growth within the business as in the number of leads or increased sales, then ADs would be fantastic. However it is important to define from the offset what you're looking for, the budget you have, that you look at it as a long term strategy not a short term strategy. That's both for coaching and for ADs, that you've put some thought in there, i don't believe quick fixes fit in business, i think you need to look at things longer term, because there is generally no overnight success. At least that's my thoughts.
So thanks so much for sending in your question Faye, that was a really nice one to answer, I hope the audio for this hasn't been too horrific and you've managed to bare with me on my sunny but cold wak. If you have a question that you would like answered on the podcast, please get in touch with us via social media, were super active on Instagram @wearemubo, send us a DM with your question, tell us about your business if you would like us to give your business a shout out as well, we would be more than happy to do that. I am going to continue my walk. Thanks so much for listening and I'll be back soon with another episode.