This applies to business as well as to personal relationships. If you see a potential customer that is having a harder time, think of the long-term value of helping them. This might mean taking smaller orders, giving good credit risks some credit now or other ways to assist. In the long run, this caring strategy can pay rich dividends. I remember those that helped me as I was getting started and stay with them today.
Relationships are most important in today's world.
Be careful that you don't cut muscle when cutting fat. You have to focus on those areas that are going to produce revenue for you now and into the future. Cut out the extra parties and trips in first class. Don't cut the training sessions that build critical business skills. Demand and hold your vendors accountable for performance now more than ever.