1. Get a current snapshot of how you're doing. To start, print out a spreadsheet or memo that gives you an up-to-date view of revenue and expenses. "There is nothing more valuable than seeing the numbers in front of you," says Mike Michalowicz, author of "The Toilet Paper Entrepreneur." That will define your weak and strong spots to determine what should go and what must stay.

2. Use teleconferencing or Webcasts for staff, contractor and client meetings. E-meetings cost only a fraction of in-person training, networking and seminars and save not only the high expenses of travel and accommodations but also the lost work time. (To learn more, click here.)

3. Segment your customer base to target your offers. You may have to invest a tad for this, but it can produce rewards fast in a number of ways. For instance, if you can track your highest-paying customers over the past six months, as well as their product preferences, you can keep sending special offers that will fuel sales. Such tracking comes easy with affordable customer relationship management software.

4. Run a cost-benefits review of marketing efforts, but stay aggressive. When times are flush, the four-color catalogs you had specially designed, printed and mailed were a great idea, even though the extras keep floating around the office. These days, you must make every upfront marketing dollar count. Begin relying on the cheap power of e-newsletters, opt-in e-mail offerings, fax bulletins, automated voicemail and one-to-one phone calls to generate leads and sales. Don't forget the latest Web-based tools, including social networking and blogging. But make sure you continue to reach out to prospects and loyal customers, both.

5. Launch a blowout sale. Call it whatever you want -- Customer Appreciation Day, Inventory Clear-out or Boss Has Gone Crazy Sale. The idea, says Romano, "is to bribe your customers with an amazing bonus offer with a purchase." Even if you just cover costs, it's a short-term fix that will help keep customers coming back.

6. Review your IT operations. Some simple innovations can often save time, money and resources. When considering improvements, "think of a platform that requires the minimum amount of training costs," says Romi Mahajan, chief marketing officer of Ascentium, a Washington D.C. interactive marketing agency. "Microsoft platforms are well-known and require little training given people's familiarity with them." He also suggests you "define needs upfront so you don't spend time 'adding on' as you determine new needs."

7. Let employees help you figure out how to reduce payroll. Staff may come up with more creative solutions than you can, which will result in better morale. Some staffers may be willing to reduce hours rather than see someone fired. You can also offer time off instead of cash bonuses this year.Along the same lines, it's better to share bad news. The more you try to hide, the more skittish and perhaps resentful, your staff can become. "During times of transition, people turn inward," says Mitchell Marks, assistant professor of management at San Francisco State College. "One of the best ways to cope is to let employees speak up."Since employees are on the front lines, they may have smart ideas about other efficiencies.

8. Retool your product line. Typically, most revenue comes from a few solid products or services while others are not generating much cash, or the old 80% - 20% rule. Toss the weak links. Strengthen your top sellers.

9. Eliminate redundancies. "One business owner I know has a tendency to make 'drive by' assignments while running down the hall to meetings," says Alice Waagen, who runs Workforce Learning, a leadership development company based in the Washington D.C. area. "She soon discovered that she had two people researching unpaid invoices because she forgot she had already assigned the job the day before." You might discount that example as just one owner's absentmindedness, but you're likely to have your own "drive by" habits. The solution is more strategic planning and less off-the-cuff decision-making.

10. Look into bartering. You can offer your products or services in exchange for the various supplies and services you need. Just remember to check with your accountant before sealing such deals because bartering carries various tax consequences.