Communication
I am just pointing out an un-highlighted point that is made about communication. On going discussions about what is happening with the industry, organization, and the impacts are very important. If for no other reason than to show your team that although the outlook may not be great there is a way out.
As a tech and mortgage bubble survivor, I have experienced business managers becoming unresponsive toward IT requests for operational input as these people became more focused on their personal wellbeing rather than the business. In these situations, I had to not only start many of the conversations with questions, but be sure to extract (as in teeth pulling) an understanding, if not a consensus, for my end decision. By keeping communications open, the managers were onboard with the decisions and also helped to re-engage in the business since they now had a focus.
