Marc Andreesen recently outlined his recommended 9 Step plan to turn around a public company in the high-tech/media space with over 5,000 employees. So which Media company was Marc thinking about as he pulled togethre his thoughts?
Here’s his turnaround plan in 9 easy steps.
Step 1: Go dark and execute.
Step 2: But first, throw your predecessor completely under the bus.
Step 3: Identify the 3-5 things that are working surprisingly well in your business, and double down on those.
Step 4: Identify the 3-5 things that are consuming a lot of money and time and yet going nowhere, and kill those.
Step 5: Lay off a third of the workforce.
Step 6: Reduce layers, then promote up and comers and put them clearly in charge.
Step 7: Figure out the single most important thing your company has to win at, and put your single best person in charge of winning at it.
Step 8: Look at the market, figure out 3-5 new areas in which your company is not currently playing or winning, but are clearly going to grow a lot — and acquire the best company in each of those areas.
Step 9: In six months, relaunch the company with a single, crisp, coherent message and strategy.
Appendix for media companies only:
Step 10: For God’s sake, stop suing your customers.