Get some experts in; go out to lunches and figure out new models, new services to sell more to the most profitable base of customers.
One counter-intuitive but valuable insight: analyze the value proposition and figure out how to raise the price. Watch the video for more details on that one.
If revenue optimization is not an option, then listen to his tips on cost cutting. Renegotiate the big costs such as real-estate, bring in a strong controller to negotiate with the bank and vendors. Make cost cutting into a team effort and consider the top executives taking a pay cut in exchange for equity. Bottom line, have faith in your team, get creative and focus on the good things.
Watch the video for his parting shot!