From a timing perspective, "stopping the bleeding", needs to be undertaken as quickly as possible where a company is in financial distress. In part, the benefit of stabilizing the cash flow situation is to allow the organisation breathing space to develop a growth strategy. This is particularly relevant where companies are in a critical and often sudden state of financial distress.
Remember at the end of the day it is called a Turnaround and not a Standstill. At the forefront of any Turnaround professionals' mind must be a focus on reducing costs and setting the business on a path for growth. Simply cutting costs does not grow the business.