In addition to having effective systems of stock control and methods of keeping a stock inventory up to date (that means making sure that obsolete items are written off and removed from the inventory) it is also necessary to get a grip on variable costs by managing suppliers.
You may have had suppliers for a long time and have never really queried either their levels of service or the costs of their products or service. When times are booming there is little incentive to spend time scrutinising what might be relatively small costs - but could, when times get harder, become a significant amount.
First of all it is worth undertaking a supplier analysis in order of costs to the company. The analysis should look at the quality of delivery and overall customer service, and then review the costs. A thorough investigation of other suppliers and their costs may reveal significant advantages in product cost, delivery or payment terms. This may be large enough to want to change supplier, though in the first instance it should be used as a reason for re-negotiating prices and services with your existing supplier. During this supplier review it is also worth contacting large suppliers and asking for extended credit terms .
During this review it may be that you query some purchases even if they are a relatively small amount on the overall company costs. If they are not essential then it is worth saving the money. It may be that you look at consumables costs such as office supplies. A brake can be put on automatic purchase of office furniture or equipment, or even new equipment for the business. Reduce the number of people that can purchase without a counter-signature.