What is the hardest professional decision you have ever made? Mine is the one that I was forced to take at the start of this year. Twelve thousand miles away in Australia, with time to think and plan for my business, I realised that although I had put in place many precautions against an economic downturn, they were not enough in the face of the worst recession in many, many years.

People account for 80 per cent of the costs in our business. So, if you need to cut costs, you have to cut people. I can cancel my shooting, give up our garage lease, travel second class, catch the tube and so on, but this is all fiddling around at the edges. I had warned the team months ago that bonuses in 2009 were out, as were pay rises for anyone earning more than ￡30,000. But this, too, was not enough. Real, substantial cost-cutting means saying goodbye to people.

The bizarre part of all this is that we are as busy as ever. But fees are under pressure, as any service-industry boss will tell you, and competition is fierce. We are good at what we do and have an enviable reputation, supported by a 26-year track record. But that is not enough to insulate us completely from the winds of change that are blowing through the world economy this year – and probably next. We are profitable and cash-positive, and I want to stay that way. Which we won't if I do nothing but sit on my hands and hope that everything will somehow get better.