Patrice Malloy of Malloy Management Group on Empowering Fellow Business Owners
Patrice, can you share a brief introduction about yourself and your business?
Malloy Management Group stands against the lack of financial education and support that minority female founders, CEOs, and small business owners experience compared to large corporations and other non-minority groups. My mission is to empower these women-owned businesses to master their money, strategically leverage other income sources to grow and scale their business, and create a blueprint for financial independence, fundability, and stability. We specialize in virtual accounting and CFO services (Controllership), coaching & consulting, tax preparation and strategy, and financial planning for scaling female founders, investors, and high net worth individuals. Additionally, we are uniquely positioned to help these women to build a foundation for generational wealth. MMG’s goal is to create a transformation that will produce highly confident, financially intelligent, and empowered business owners.
What excites you about being an Entreprenista League member?
I am excited about connecting with other like-minded female entrepreneurs, creating a network of friends and business best items, and being able to learn how I can support other women in business.
Overall, what made you take the leap to start Malloy Management Group?
I took the leap to start my own business because I was tired of contributing to the dreams of others while ignoring the dreams that I had for myself and my family. I also took that leap because I realized that I was limited in my reach, earning potential, and the transformation that I could create in my corporate job.
What was your background prior to deciding you wanted to empower other business owners?
Prior to starting my business, I had over 15 years of experience in the finance field as a Big 4 accounting firm consultant. I also possessed banking, program and project management experience, and accounting experience in government and corporate environments where I created financial transformation in large organizations.
Did you always know you wanted to be an entrepreneur?
Shortly after I entered into the corporate world, I knew that I wanted to become an entrepreneur.
Take us back to when you first launched your business, what was your first marketing strategy to spread the word about Malloy Management Group?
My marketing strategy when I first started my business was non-existent. I essentially shared my experience and expertise with people that I knew in hopes of gaining referrals. I would also volunteer to help people with their finances for free or minimal pay because I didn’t believe that I was “qualified” to charge more at the time. Since then, social media has become a mainstream way of communicating that message and I have utilized those platforms to share my business and the transformation that can be achieved when working with my firm.
Alright, Patrice, many founders face challenges as they launch their own businesses. What was the biggest challenge you have encountered along the way, and what did you learn from it?
The biggest challenge was my mindset. I initially did not think that I was supposed to charge a lot of money for the services that I provided, however, I needed to change my perspective and realize that I was qualified, certified, and had the right experience to demand prices that were more in line with the transformation my clients achieve.
As entrepreneur, what is the accomplishment you are the most proud of to date?
I am proudest the hundred of thousands of dollars in tax savings that I have gotten for my clients. I am also proud of the financial transformation achieved, which allows my clients to make empowered financial decisions. Finally, I am proud of the business that I am building.
What is your stance on work life balance?
I believe that there should be balance in life, however, I have found that it’s difficult to achieve complete balance at any given time. There will be period of time when any given part of life is out of balance because another piece needs to take precedence. It’s all in how you prioritize your family, goals, and what works for you.
Can you share a piece of advice that you wish you’d known when you first started your Entreprenista journey?
When I first started my business, I wish someone would have told me how important it was to structure it properly from the start. Identifying the right entity is imperative. Additionally, I wish I would have known how to set up a systemized business to that I could be duplicatable and scale my business quickly.
What recent accomplishment would you like to celebrate with fellow entreprenistas?
I recently had the opportunity to receive my WBE and WOSB certifications and I was featured in a local article. Both of these achievements are exciting. The article can be read here.
What’s next for Malloy Management Group?
My business will continue to transform the finances of women-owned businesses and will provided coaching and consulting for CEOs that want to master their money and create a blueprint to build a financial legacy.