What is the right course of action may vary at different times, and in different industries
teem with guides that promise to teach executives the secrets of success. Read this tome, follow this philosophy, change your habits and you, too, can be a management titan. As a moment’s reflection on business history demonstrates, there is no sure-fire route to glory. Instead, running a company is a permanent exercise in juggling trade-offs. .
The fashion for upscaling means that companies are encouraged to get their product to market as quickly as possible. The theory is that customers get a rough-and-ready prototype at the start, which is improved over time. This may work for smartphone apps, which are easy to update, but not for most other products, where a reputation for shoddiness may be impossible to shake off.
Another trade-off is between centralisation and delegation. Early Victorian businesses resembled the army: generals handing down instructions to non-commissioned officers who in turn directed the foot soldiers . This hierarchical structure was devised for a world in which employees were required to follow a clear set of instructions.
In the past 20 years or so management layers have been stripped away. A flat structure, with delegated decision-making, seemed more appropriate for a service-based economy. The idea of “agile” management, in which workers are frequently reassigned to multidisciplinary teams, is all the rage.
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