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"Instant, mindless cutting of R&D, or training, or salesforce travel in the face of a downturn is often counter productive - or, rather, downright stupid. Tough times are in fact golden opportunities to get the drop, and the long term drop at that, on those who respond to bad news by panicky across-the-board slash and burn tactics and moves that de-motivate and alienate the workforce at exactly the wrong moment."
Quote from Tom Peters of TomPeters.com. He recently commented on running a business in a time of "significant and sustained economic disarray."
Among all management gurus, Tom Peters is most associated with managing during bad economic times. His "In Search of Excellence" was published amid the sharp recession of 1982, and "Thriving on Chaos" debuted on Black Monday in 1987.