And during a recent Forrester Research conference call with CIOs on what IT can do to help employers weather an economic downturn, vice president Andrew Bartels urged CIOs to remember that in tough economic times, the CFO, rather than your business customer, is your best friend.

But, reports Search CIO senior news writer Linda Tucci, he urged CIOs to resist any urge to single-handedly slash IT costs. Budget revisions should be a top-down exercise driven by your new best buddy, the CFO, he said.

"Going into a downturn, the CFO is ultimately the one who makes the call about cost cuts," Bartels says. "You want to be arm-in-arm with the CFO, fully aligned and seen as an ally who will help him think through what can be cut, as well as be preserved."

And if it means sacrificing a little bit for the business partners, so be it, Bartels added. "It is much more important in a downturn to have the CFO as your clear, firm partner."

Meanwhile Tucci reports that if cuts are required, Forrester urges CIOs to avoid trying to pick some low-hanging fruit:

"The cut: Eliminate time and support for innovation and research and development. Why not: Doing so creates the business perception that IT is reactive and focused only on cost.

"The cut: Cut back on architecture and strategy development. Why not: People will create "narrow point" solutions that you'll have to "unwind" when money flows again.

"The cut: Firing staff working on blue-sky, aggressive projects. Why not: Doing so penalizes risk takers."

So if you aren't already on the best possible terms with your CFO, now would be an excellent time to build bridges. And if there is any fat left in your budget, it might be time to put it on a strict diet and exercise routine - this is no time for flab.