Perhaps the easiest part of reducing expenses is cutting back on staff. Because the next step - "What Do We Do Now?" is extremely difficult.
What Do We Do Now? You have fewer employees but need to have the same or better performance.
Hopefully, when reducing staff, you took the first important step which is to identify those employees who are capable of doing more and retaining them.
In identifying employees who can do more - look at attitude (desire) and aptitude (ability). Communication (as always) is key - those employees are going to be doing different things and more of them.
The employees who stay need to understand why they're there and what their role is.
Employees who stay after a layoff are even more valuable now. There is some guilt (why did I stay and my friends have to depart?), a lot of trepidation, and no small amount of concern and fear.
It's up to the employer to alleviate those concerns and allow the business to move forward.