By Alex Miller
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In multiunit firms, by contrast, the central office coordinated strategic planning, monitored the performance of subunits engaged in different lines of business using common financial measures, and allocated capital to business units based on financial performance. In effect, the central office managed the firm as an internal capital market, one potentially more efficient than external capital markets because of its power to inspect and, if necessary, intervene in individual business units. 5 compares the organization and performance measures of primitive unitary and multiunit firms.
Envirosystems, then, is a simple business even though its annual turnover is in the range of $100 million. Envirosystems’ owner, entrepreneur Ed Moldt operates more than 200 niche businesses whose total revenues exceed $1 billion annually. He manages these businesses by tracking three to five non-financial measures that are leading indicators of financial performance, setting targets on these measures, monitoring measures daily, rewarding people for performance so measured, and allowing the profits to take care of themselves.
The study plotted the accuracy of revenue forecasts for country businesses as a function of their size. The measure of size was prior year sales (in US dollars), while the measure of forecast accuracy was the absolute value of the percentage deviation of actual from projected sales in the current year. The data showed that forecast accuracy declined sharply with size – in other words, the deviation of actual from projected sales increased with the size of the business. This occurred even though the large country businesses used sophisticated modeling tools unavailable to the small businesses.
