The client
WD Harley Ltd is an architecture and property business.
The firm has worked with Benson Wood for years through a family connection, and began working closely with Chris in 2016. They are supported through the Stay on Track service.
Needing finance support when the business changed
WD Harley’s core work is commercial architecture, but the business also has a holiday let development side which requires external finance to start and develop each phase.
When Covid hit, WD Harley had to pivot and restructure. For a period, it was just the two owners in the business, after previously having a member of staff looking after finance and administration.
At the same time, VAT, PAYE and corporation tax still had to be kept up to date. Those responsibilities were now sitting with the owners while they were trying to keep the business moving.
They needed more support from Benson Wood, not just to keep things compliant, but to give them the space and information to make good decisions across both parts of the business.
What we put in place
Chris and the Benson Wood team took on more of the finance function for WD Harley.
Aidan looks after the bookkeeping, with regular contact throughout the month. Chris also has check-in calls with the owners, alongside detailed quarterly reviews and management accounts.
Those reviews help WD Harley with bank reporting and give the owners a clear view of how the business is performing. That is important because the architecture work needs to support itself and help fund the ongoing holiday let development without putting unnecessary pressure on the business.
Chris helps analyse the figures, showing where things are going well and where the owners need to focus to keep the business in a strong position.
What changed
With Benson Wood taking care of much of the finance function, WD Harley could retain a leaner structure. The business now has lower staff costs and very little under-utilisation because the people in the business are contributing towards revenue.
The regular bookkeeping, monthly contact and quarterly reviews give the owners better information to work from. They can see how far the architecture business and development can move forward without putting unnecessary pressure on the business or themselves.
That has been crucial as the holiday let development has grown. It’s now past the point where it covers its running costs and generates income, and WD Harley is currently in another phase of its expansion.
The outcome
Benson Wood’s support has allowed the owners to focus their time on the parts of the business that drive revenue and move the development forward.
They have more space to focus on the architecture work and the next stage of the holiday let development, with a clearer view of how both sides of the business are performing.
That support has been crucial as WD Harley adapted after the pandemic and continued developing the property side of the business.
“Benson Wood’s support has been crucial as our business has changed. They take care of much of the finance function and help us understand what the business can afford while the property development continues. That has allowed us to focus on revenue without putting unnecessary pressure on the wider business.”
WD Harley Ltd
