Tough times are in fact golden opportunities to get the drop, and the longterm drop at that, on those who respond to bad news by panicky across-the-board slash and burn tactics and moves that de-motivate and alienate the workforce at exactly the wrong moment.
Tough times indeed require tough and unpleasant decisions—but thriving, not just surviving, is an option for those who mix wisdom and boldness of leadership with transparency and maximized employee involvement and engagement. Without suggesting that there is anything humorous about the pain that bad times cause, one can say that "this is when it gets fun" for truly talented and imaginative leaders at all levels and in businesses of every sort and size!
It's time to go back to basics. What were the decisions that got you to where you are today - both good and bad? The fundamentals of your success are still the same; it's the circumstances that are different.
Adjustments are necessary, but not necessarily radical ones. Don't forget where you came from and what got you there.