For business strategy that is capex, both expansion and maintenance. For financial strategy that is ongoing dividends and share repurchase programs. Many companies are reluctant to reduce or eliminate their dividends and share repurchases because shareholders depend on them for income or regard them as an important gauge of share value. But such payments are the easiest to cut because a company has no legal obligation to make them. That gives management more discretion over dividends and share repurchases than over other strategic uses of cash.
Management also has a great deal of discretion in the medium term over expansion capex.
Reducing spending on growth will increase cash flow but may weaken the company's competitive position. In the long run a weaker company will generate less cash from operations due to lower profitability, so you have to analyze possible cuts in expansion capex carefully. Management also may choose to reduce spending on maintenance of plant and equipment. This can conserve a great deal of cash in the short term, but it soon leads to higher operating costs and lower cash flow from operations. In reality cutting maintenance capex is only discretionary for a short time and only when the company has no other way to avoid missing an interest or principal payment on its debt.