If I remember correctly, this was something I read from Sam Walton’s book years ago, tried to implement in toto, succeeded some places, but came out ahead overall.
1 Remember what Sam Walton said: Trust your customers. Go talk to them.
2 Don’t cut your culture. It won’t recover easily.
3 Ask yourself what you want to look like when recovery comes. Then Manage toward the outcome
4 Run your company in good times the way you would in bad times. You’ll always be ready.
5 Believe in your business. There will be an upturn.
6 Do what it takes to remain profitable. Negative numbers become an excuse for almost anything.
7 Invest in your R&D. You will need it.
8 Talk with your customers, employees, suppliers and shareholders. Keep them in the loop.
9 Cut out what’s non-core. Invest in what is.
10 Understand what business you’re in – emotionally. Be a beacon to your customers.
11 Look for technology-based efficiency. Use the web to cut costs and boost productivity.(No, the web isn’t dead)
12 Leverage relationships
13 Make an economic downturn a good time to re-examine your business fundamentals.
14 Demonstrate leadership to your customers. They’re looking for it from business – and too often, they don’t see it.
15 Enlist your employee’s support.
16 Look outside your own walls for good partners. Doing so can save money or make money.
17 Take a calculated shot at something that could change the game: a new marketing push or a timely acquisition.
18 Do what you already know is right – only this time, make sure you really do it.
19 Simplify something – it’s bound to help cut costs. Complexity equals expense.
20 Use this downturn as an opportunity to make a difference.
In case this is incorrect, feel free to comment so that I can make the necessary changes.