How to Survive a 20 Percent Drop in Sales: Time to Reset?

I met with an owner of a large multichannel B-to-B direct marketing company this week, and we discussed a common topic these days: How does one survive a 20 percent drop in sales? It's becoming clear to me and many others in the industry that the squeezes many companies are facing today are unprecedented and require significant changes, not just “tinkering.”