Great article Mike, hits home for both myself and my buddy(both running spiraling companies though his is 5X larger).
But, what is the alternative if massive revenue losses come up quickly? You can't just bleed money for long periods, finite resources and all.
The obvious answer is increase/improve revenue so you don't have to cut elsewhere, but that doesn't happen overnight. There is a "dead-man" roadblock for many businesses when it comes to negative flows. If the fork in the road reads "close doors or decrease personnel", what else can you do?
I've chosen to lose all BUT key employees entirely while my buddies company (large board of directors) has chosen an accross the board 20% salary cut and layoffs.
Neither of us get much sleep right now.
