1. Begin with a Simple and Direct Plan

The plan must clearly state where the company is headed and how it will resolve the crisis. You won’t need anything fancy, but you will need a plan that:

• Sets explicit cost reduction goals.

• Outlines specific steps for achieving the goals.

• Assigns clear responsibility for achieving the goals.

• Sets explicit deadlines for each step.

Remember that the plan will not happen by itself. It must be actively managed to completion, like any other important project.