Financial-wise, you might need to do further investigation on why this financial crisis can happen to your business. If it's due to lower sales during a pandemic, it might be temporary so you might be able to increase efficiency on the labour cost.
If it happens due to decreasing sales / revenue of the business in general, it needs more analysis: is your profit margin good enough? Are your sales good enough? Can you save on another cost component?
If reducing production costs would decrease your product quality, it might not be a wise option as it can also impact on your sales and revenue. But if you think your sales price is too high, you can test the market by making smaller products to be more affordable.