As your business grows, you move into newer regions and sometimes, into new industries too. It involves lots of new challenges, and each such foray requires customized strategies. They must also be considered as new projects with proper responsibilities allocated to specific people.
However, it becomes difficult to manage such individual projects given the stature of the business. In hindsight, you must allocate the requisite resources to ensure these new ventures become profitable and break-even within the pre-decided timelines.
Moreover, the plans for the new ventures must be in sync with the overall business plans and strategies for the whole organization. So, working with spreadsheets is not the answer as the KPIs must be set against the preset goals. Moreover, the KPIs must be continuously tracked for any deviations to allow the senior management to take suitable actions.