a$)$ Start with buffer pleasantries$-$ Appreciate their individual efforts, dedication and loyalty towards the company.

b$)$ Provide a background justification for the financial loss the company is facing.

c$)$ Declare the news about the $20\%$ pay cut for the next $6$ months, with a redirection. You can provide a re$-$assurance about this temporary settlement by explaining the steps taken by the company to improve the business, and how the employees will be compensated for this pay cut in some other ways e$.$g$.,$ less hours, or better health plan, etc.

d$)$ Conclude by reaffirming them how important and valuable they are for the company. Keep in mind you need to retain them as you can$$t be short staffed