First, develop a communication strategy for all your internal audiences.

Second, write a memo to the management team, delivering the news about the need to cut costs and downsize the workforce and inviting them to the meeting. This memo is an opportunity for you to lay out any issues to be considered and any concerns that you have about the situation, as well as tell them what you expect them to do in general and in preparation for the meeting. Think carefully about this audience. While you will want to provide the truth about what is to happen, you also need to try to allay their concerns as much as possible. These are the leaders in your organization and some of your best people, and you certainly do not want to lose any of them at this crucial time in the company’s history. Thus, you need to consider the tone you use and the information these managers will want to have and need to hear. Third, develop an agenda for the meeting establishing objectives, end products, and content.