My way is like this step by step:
1) receive devastating news (whether it is personal, business or global)
2) give myself a couple of hours to grieve and panic: for me these are the stages of bargaining and denial. I try not to give myself more time for these stages, because otherwise you can go into a psychological peak and it will be much more difficult to pull yourself out. You may even need the help of a professional: a coach or a psychologist (depending on the situation)
3) get angry! My anger usually boils down to an internal question "Can't I find a way out???" But I know that I'll find it! At least over the past 45 years I have always found, why not do it now?
4) assemble a team (if the matter is common) or sit down at the table by myself with a pen, paper, stickers and other auxiliary materials
5) write down on stickers all the objective risks that may be caused by the current situation
6) scatter them along a time line indicating the degree of probability – something will fall right "tomorrow" in a negative scenario, and something may not come in the next six months (for example, the money may not run out – you never know where else you will be lucky ?!)
7) focus on each risk individually and figure out how to minimize it! You can almost always find a "cure" or a "patch". I like to do this step on stickers of a positive color – you can immediately see the way out!
8) the most important stage is to find what is GOOD in this situation, what can you benefit from? Write it on a big beautiful sticker and remember it well! You can always find something good!
9) Remember the old parable - "THIS TOO WILL PASS"!