News.com has a list of suggestions for 2005 from Directions on Microsoft:
Better detailed, multiyear road maps for major products such as Windows XP, Office and Exchange. Revenue-generating acquisitions. According to Directions on Microsoft, the Great Plains Software, Navision and GeCad buys are not delivering enough fast enough. Better security–“despite laudable efforts by Microsoft, such as drop-everything-else code review, security is still a problem…In fact, the bad guys seem to be winning.” Making the PC a home entertainment hub, not trailing integrated digital-lifestyle approaches that, at the moment, are led by others, notably Apple Computer. Fending off open-source software. This is about server software but now increasingly also about the desktop, in the form of the Linux operating system, the Firefox browser, and OpenOffice.org and its commercial variants.
There are a few others, but no hints for an emerging markets strategy. Arguably, that’s a critical challenge and opportunity.