NFX Capital created a useful guide for how companies should be thinking in a downturn. It comes down to three main categories, with a list of 28 very specific actions every company should be considering.

1. The first is managing losses. This will be the most difficult and painful thing you do as a CEO because it involves people, but it’s often not so much about the what as it is the how. Your empathy and speed are key here.
2. The second is gaining ground. These are the ways you will reorient your focus, your tactics, and your team so you come out ahead after a crisis.
3. The third is managing psychology. It is crucial you keep yourself, your team, and those around you healthy, sane and productive.