Now they see it. Too late, of course, but they see it. They've also seen their smarter competitors dig in, cut staff and costs, and wage a battle to defend market share. Meetings are called. Memos are written.
Revenues drop, profits plummet.
Money gets tight. Scraping up short-term credit isn't easy any more, as bankers begin asking a lot of pesky questions. Scraping up receivables isn't any easier, as customers are paying their bills later. Some, in fact, aren't paying at all. This is the most amusing step of all, and is what catapulted the Dilbert cartoon series into fame.