I found the video well worth watching, communicated to me much better than the bullet list. Some great points, esp "everything is renegotiable in this environment".

Re: (4) Defer unnecessary expenses Alternatives to MS Office have been good enough[1] for a while, but there has been no impetus to switch. Now there is...

[1] e.g. I've started using OpenOffice 2.0, and it's great. I'm sure it lacks some features of the latest MS Office suite... but honestly, Word 1.0 pretty much had the features I needed. The video mentions Google Docs, and a co. that uses it for everything.

I wouldn't be happy if my employer wanted to renegotiate my contract, I think this is better advice for your company's contract with other companies.

I would be very careful of this "everything is negotiable" model. Maintaining trust and a reputation for fair dealing inside your firm and with other firms is crucial to getting through an extended downturn.