When you cut cost, you need to maintain quality standards. You cannot decrease service levels.
I like the principle of “Less”. You can start by saving space and unnecessary activities that do not implicate operations. Space is often something you can consider. Also consider hot desking. You don’t have full capacity all the time. Hot desking allows you to cut down space use.
Another way to cut cost is to outsource non-core business operations. It is cheaper because you won’t have to employ someone and consider costs comprising wages, insurance, training and development.
Also, create the right incentives. Give sales people KPIs that help the firm, not close deals but leave operations unattended.
No matter what happens, firing your staff should be the last option. It creates insecurity and fear in the firm. Once that happens, valuable employees may start finding new jobs. Give employees the option to go for unpaid leave.