Even though the economic recession continues, according to a recent study by Watson Wyatt, many executives believe they have already made most of their sweeping changes–layoffs.

“Many companies are putting the drastic cuts behind them and are now focusing on smaller, more sustainable cost-cutting actions,” said Laura Sejen, global director of strategic rewards consulting at Watson Wyatt.

According to the survey of 245 large US employers, 52 percent have done layoffs, up from 39 percent two months ago. However, the number of companies planning layoffs has fallen from 23 percent to 13 percent. Additionally, 56 percent now have a hiring freeze in effect.

For consultants, this means that many clients have done the obvious, though painful, work to rationalize their cost structures. Now, expect organizations to turn their attention to other, more complex decisions like rationalizing product offerings, rethinking new initiatives, and optimizing their sales strategies.

As in any downturn, companies cannot cut their way to success. Even though cash is tight, many organizations will find this to be an optimal time to invest in new ventures. Now is a great time to think about your clients’ businesses and ask yourself, what are the two or three near-term growth opportunities my clients should pursue?

When everyone else is slashing, be there with ideas about growth. You’ll catch your client’s attention, and probably win some work too.