Winning Ideas from Winning Women
with Beth Monaghan

“Personally, I had something to prove,” Beth Monaghan says when asked why she became an entrepreneur. Before starting Monaghan Group, Beth was in the position of countless other women, seeking a way to balance the needs of her personal life and the pursuit of her career.

“I wanted to prove that I could make a positive difference in my work, with our clients, and in the business community and have a life at the same time,” Beth explains. So she began her company with the intent to prove to the community, and herself, that she could do all this.

Beth left her job as the chief financial officer of a middle-market company when she started Monaghan Group, a Charlotte-based accounting and financial consulting company that specializes in interim or part-time CFO and controller positions and project-based engagements.

Beth Monaghan

The birth of her son Jordan, now 10, was the event that sparked this complete change in Beth’s life. Once she became a mother, she was no longer willing to work the long hours to which she had become accustomed. “At first I was convinced if I worked harder, worked more hours, [and] was more efficient, then I could get more done and go live my life,” Beth tells us. She soon realized that this plan would not work. “I was in too much pain to continue down the path I saw ahead of me, so I decided to find another way and also help others who might be in a similar situation.” This new way was to become an entrepreneur.

Beth’s family plays a significant role in her life as a business owner. Her son Jordan is aware and proud of the fact that he was the main reason that his mom started her own business. And, Beth often wears a pin that reads “Jordan’s Mom” which reminds her of what is really important in her life.

“My family is very supportive of what I’m doing and proud of what the business has grown to be,” Beth tells us. “They remind me of the main reason I started my business: to have balance and the freedom to make choices.”

Besides a balanced life, Beth is also driven by the positive recognition that her company receives. “Most folks don’t say this out loud, but I like the recognition that comes with the awards we’ve received,” she states honestly. She adds that the recognition makes her feel special and that the outside affirmation has been important in growing her business.

But beyond awards, Beth takes great pride in her business. “Of course the company is only as good as the team; and we’ve got the best there is,” she says. “I’m also proud of the clients we work with and the relationships we’ve built. I am proud to be working with the middle-market companies that have trusted us to help them get to the next level,” she says. She also adds that she is proud of the large, publicly traded companies that Monaghan Group has worked alongside because “they see the positive, measurable difference we bring to them.”

Shifting gears, Beth hastens to tell us, “And, of course, God has been my partner in this business all along. There have been times I’ve forgotten that, but He’s been there even when I’ve forgotten to ask Him what to do or I’ve forgotten to include or thank Him,” she says.

Beth advises women considering entrepreneurship to be very clear about their goals. “Too many people go into business to make the most money they can. I contend if you’re in it primarily for the money, that’s not enough anymore,” she says.

Not only is Beth an entrepreneur and a mother, but she is also active in several prominent organizations including:

• the North Carolina Association of CPAs,
• the Women Presidents’ Organization,
• the Advisory Board of The Entrepreneurship Institute,
• and Queen’s College Entrepreneur Leadership Circle.

She has also been named one of the Charlotte Business Journal’s Top Women in Business and, as further evidence of her balanced life, her company has been recognized by Carolina Parenting, Inc. as one of the “North Carolina Family-Friendly 40.”