Kevin Hillstrom has written a short strategy-level retrospective on what the different business responses he’s seen to the recent economic changes.
It’s interesting in that it matches my own advice on the subject but with some additional perspectives.
Using his wording, my own strategy is the "wait and then react" which has worked well, though it’s been limited by my own time-constraints. Oregon going to distance-learning basically put us into summer school mode 3 months early.
A second important point is to save this article and any work you do in this area.
There’ll be more downturns and market shake-ups in the future and saving your hard-won experience now will help you then. Watching the dot-com bubble from the sidelines and being in the middle of the 2008 housing crisis has helped me adapt business-wise to the current changes surprisingly well.
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