- Throw out the slackers. Do not even think much about it
- Pull out your current revenue figure, slash it by half
- Sit with every employee and figure out what their basic living costs are
- DO NOT leave the executive level staff out of this
- Renegotiate all salaries at basic living costs + 10% of what is currently being paid
- Make up the difference in preferred stocks or as bonuses that are payable under conditions at a later date
- Give the option to leave or sign up for the program for employees with loans and other problems
- Renegotiate every contract that you have and extend credit lines till they break
- See if the halved revenue number now tallies with the expenses
- Route a percentage of the saved money into enabling every possible sale
Logic behind the steps:
This is an environment in which everything -- from fear to opportunities -- are irrational. The key is to survive. If you survive, you'll win big too.
Keep as much cash in the bank as possible. Having liquidity at your end not only helps you to keep going, but it also works wonders for your valuation and ability to get credit.
It is easy to fire people, but it is not easy to function without the right people on board. Ask them to have some faith in you by showing some faith in them.
The employees get a buy-in into what is being attempted, but they also are better off with having a job than being on the street without one.
Talent is easy to let go, but harder to make up for or replace. Invest in them.
Sell, sell, sell.