1.) If you're in a position to raise capital, raise money now, because the funding window may not be open for a long time.

2.) Cut burn rates immediately.

3.) Get to cash-flow positive.

4.) Cut non-essential features, and focus on customers that are willing and able to pay.

It's usually not practical for a startup to change its entire business model (although LoudCloud did it in the first dot-com bust), but they can trim fat, and stop doing activities that aren't absolutely essential to generating revenue.

http://venturebeat.com/2008/10/10/the-sequoia-rip-good-times...