An important piece of that is strategic partnerships. Don't just change because you're afraid of the marketplace. Make a change because it's going to create demand for your organization, or demand for the product or service that you're providing. Change must also put you in a position that you're going to have longevity in the marketplace.
Step 1: Figure out as an organization what you do well and what you don't do well. If there are skills that your company could do better, figure out how to outsource that through a partnership. What your company does well is your core competency. Continue with that. One of the biggest pros of outsourcing is that you're able to move around more dollars because you're cutting excessive costs.
Step 2: The key goal for any organization or individual is to get people to buy into that change. Make sure your company understands what your long-term plan is and why you're making the change. Don't be too fearful of over-explaining the change to make people feel comfortable about why it's productive.
Step 3: Don't be so fast to cut jobs. Organizations have a counterproductive habit of cutting jobs and leaving the remaining employees in an insurmountable bind. These employees are doing the work of those that are gone, and there's no increase in compensation. There's more stress. There's less quality of customer service. Then the company starts losing customers. The next thing you know your business has been cut down in profits. There is a happy medium between outsourcing and continuing to keep your core employees in house. Consider cutting manufacturing costs instead of cutting people. Or, transition qualified employees to job duties where they can take on a different responsibility.
Step 4: Create an environment where people feel safe to come up with ideas that will take the company into successful opportunities for years to come.