http://blogs.bnet.com/ceo/?p=4977&tag=nl.e713

1. Leave no stone unturned in determining how to restructure. Nothing is sacred. Don’t decry lost efficiency, productivity, profits, or anything you have to sacrifice to get back on track. You can deal with that later. If you don’t fix what’s wrong, there won’t be any later.  
2. Wakeup calls can save your career, your company, your industry, but only if you actually wake up. That means being honest with yourself about your failure. That takes humility, courage, and perseverance, not coincidentally, all basic qualities of successful leaders.  
3. The sooner you realize what’s going on, the quicker you react, the better the recovery. Almost every company (and everybody) reacts tenuously or takes a wait-and-see approach. In virtually every case, that’s a bad idea. Be decisive and be quick about it. If you need to cut, cut early and cut deep. You can build back up as conditions improve.