The recession has started taking its toll. Online earnings are down. What should I do?

This is the question which is doing rounds in the mails and forums these days.

Are my earnings also down? What am I doing to take care of it?

Yes. My earnings are also down by around 25%. Previously, this was being compensated by the appreciating dollar against my currency (rupee). But now even the dollars has started depreciated again. So, the downturn has (sort of) started hurting me. What am I doing to resist it. Similarly what are the step you can take in these difficult times?

Here are the few steps I am taking. You can also try some of them. I am sure these can help you keep your earnings running.

1. Convert some of your liquid cash into earnings. Means, go out and buy some good websites. This is the right time. The earnings on the sites are on the lower side, so the valuations will be better. It will add to your top-line and will be a very good investment in a long term.
2. Reduce the percentage of the earnings you spend on yourself and increase the percentage you put back into your website. That means increase the marketing budget and hire more people/freelancer to increase the content on your site. That way you can compensate the decreasing eCPM by increasing the traffic.
3. This is the time to ask favors (and return them as well) from all your online friends in terms of links and mentions.
4. Go out and try to find your own advertisers and advertising deals. I am trying this and today only I finalized on a big deal. It looks difficult, but is not that difficult. If required, you can even try to do a monthly+CPA sort of mixed deal with your advertiser. It is sort of a win-win situation. But there is a problem in this one. This sort of deals are easier for bigger sites but more difficult for smaller ones.
5. Shell out some more advertising space on your website for some new advertising network. Every bit helps. Also make sure that this addition of new network is not reducing your earnings from other networks.

Are you taking some other steps to increase your earnings, then please share them in comments.