Cost Cutting Information To Employees

Hi
I have to intimate our employees about the cost cutting measures we would like to undertake in our organisation as preventive measure to avoid worst situation in this recession period. Can some one help me to draft an introductory para which should be convince the employees to accept the cost cutting measures.
Thanks.
Kamala

Dear Colleagues,
As you are all no doubt aware we are facing some very testing economical times. In order to protect our business and therefore our continuing employment, we would like to initiate the following early measures.....
Please avoid the term "cost cutting". It conjours up horrible thoughts/ideas. You must also keep your employees up to date with regular briefs on the situation. If you fail to do this, the "grape vine" will take over.
HTH

Some reasons should be:
+ Global economic situation.
+ Business field situation.
and when new trend will come back?
rgs