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Summary

We all know the situation: The CEO or CFO is at your office door, making small talk but looking a bit uncomfortable. Then, after a few minutes chatting about the weather or last night's big game, the bomb is dropped: "I need you to reduce your budget by 15%. The next few quarters look tight, and we're looking for cost reductions across the business."

These days, it's not uncommon for this to be a second or even third request for cuts-maybe even within the past few months. So as you sit there in your office, alone now, pondering the extensive damage this round of cuts will cause to your ability to product revenues, shore up brands, launch new initiatives, or even maintain some semblance of positive morale in the department, you have essentially two choices.

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