From chaos to clarity: the power of financial KPIs

By implementing structured financial processes, Helen West has not only stabilised WDC Creative but also set it on a path for sustainable growth

Helen West and WDC Creative

Helen West is the Director of WDC Creative, an independent creative studio specialising in commercial interiors and graphic design. Established in 2001 by Helen’s husband, the studio has built a reputation for its diverse client base and creative approach. While Helen was involved from the outset, she joined the company full-time in 2015 as a Director.

A reactive approach

From the outset of becoming a full-time director, Helen realised that the business lacked a clear structure and long-term strategic direction. ‘We were almost entirely reactive. We had no written plan or vision’, Helen recalls. ‘We would just pick up the phones and try to do whatever the person on the other end wanted us to do.’ This approach made it very difficult to forecast revenue but it also led to a dependency on a single major client, which accounted for 80% of their work. Unfortunately, WDC Creative lost this client in 2018 which left the company in a precarious position.

Realising they could no longer rely on a single client, Helen and her team began re-evaluating their values and services. They recognised the need to diversify and decided to start offering additional services alongside creative design, such as marketing and website design. This shift marked the beginning of a more strategic approach. By focusing on understanding their prospective client’s needs and designing a marketing strategy that reflects these, Helen has stepped away from merely listing WDC Creative’s services on their website. This refined approach allowed them to forecast potential revenue and capacity.

Navigating the pandemic and the Help to Grow: Management Course

The pandemic, while challenging, provided WDC Creative with an opportunity to pause and reassess. Unlike many businesses, they continued operating, as some clients sought to revamp their websites and branding. This period allowed Helen to step back from the daily grind and think more strategically about the future of the company while still remaining active as a business.

It was at this point that Helen discovered the Help to Grow: Management Course through the Manchester Growth Hub. The course, particularly the finance module, was a revelation for her. Prior to this, WDC Creative’s financial management was rudimentary, with everything tracked on spreadsheets and managed by their longstanding accountant. The course gave Helen the confidence to engage more deeply with financial data and understand its implications for the business. She learned to use accounting software Xero, which provided a comprehensive view of the company’s financial health, from project timelines to payment cycles.

Helen’s newfound financial acumen led her to redefine her relationship with the business’s accountant too. She transitioned from using the accountant as a bookkeeper to a financial consultant, focusing on strategic financial planning. This shift allowed her to make informed decisions about when and where to grow, ensuring that growth was manageable and sustainable. ‘I was no longer doing the numbers, I was looking at them,’ Helen notes. ‘The numbers told a story about the business and revealed areas I hadn’t considered before. I now feel more confident talking about and addressing the business’s strengths and weaknesses because I can see them with one glance.’

Implementing financial processes and their impact

One of Helen’s key contributions to WDC Creative has been the introduction of structured financial processes. She implemented accounting software to track various aspects of the business, from project progress to financial metrics like cash flow and profitability. This new approach provided a clearer understanding of the company’s financial standing and highlighted inefficiencies.

For example, the concept of utilisation rate has been implemented, which measures the proportion of work completed that can be be recharged to a client. When launching this new approach to the team, care was taken to emphasise that this metric should be balanced with maintaining a healthy work environment, ensuring employees do not feel too pressurised. By focusing on a shared vision, Helen brought the team together to align on the company’s strategy and goals. ‘Now that everyone is on the same page, we’re just so much more efficient’ she says.

To enhance this efficiency, Helen established financial Key Performance Indicators (KPIs). Unlike traditional KPIs that target individual performance, these are shared across teams, fostering a sense of collective ownership. Managers are equipped with a solid understanding of these KPIs, enabling them to allocate time and resources effectively. This collaborative approach has streamlined operations and improved productivity.

Another significant benefit of Helen’s financial oversight is the ability to quantify mistakes. Previously, errors — such as misprints or design flaws — resulted in untracked financial losses. With the new systems in place, Helen can identify costly processes, determine which need improvement, and which are acceptable risks.

Since completing the Help to Grow: Management Course, Helen has shifted from her natural client-facing role to a more strategic position. This change has allowed her to forecast, plan, and prioritise effectively, guiding WDC Creative towards a more productive and sustainable future. Reflecting on the transformation the company has undergone, Helen observed ‘The Help to Grow: Management Course really stressed to me the importance of growing sustainably, I feel we’re now achieving that.’

Measured and sustained growth

Helen’s journey with WDC Creative illustrates the critical impact of strategic financial planning and oversight. By implementing structured financial processes and embracing a strategic role, Helen has not only stabilised the business but also set it on a path for sustainable growth. Her experience underscores the importance of understanding financial data, aligning teams with a shared vision, and maintaining a balanced approach to work and employee wellbeing. For any business, these lessons are invaluable in navigating the complexities of growth and ensuring long-term success.

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