For every project, figure out the bare minimum of people needed to staff it. Cut to the absolute muscle and bones, then take out one more. When you understaff, people jump on the loose ball. You find out who the real performers are. Not so when you're overstaffed.
People sit around waiting for somebody else to do it.
Bet your job . After you've cut expenses to the bone and staffed projects along a Gatesian one-minus metric, be sure to motivate your remaining core team with incentives. Reprice options if you must. Follow your eagles. Over time, the market will prove some of your best ideas to be pure turkeys.