Unfortunately many of them have fallen into the same category. They have all had their eggs all in the same basket and when they have had trouble with SEO positions on Google they have lost 100% of their traffic.
Now the solution for this depends on your situation. Do you have the money to put into getting out of this mess while you get the positions back or do you need to work on bringing in a new income now?
If it is the first you need to look at why Google has slapped your site. Have you broken the rules? Have you been using black hat SEO techniques and most of all how much content have you had on your sites. As the recent Google update has got rid of sites that have just a couple of pages of content like the typical how to sites.
So if your site is in that position the best way to move forward is with regular content such as a blog and staying away from dodgy link building practices.
If like above you need the money now we all have a skill that we can use and working as a freelancer is a great way to get a new income fast. Get yourself on sites like Elance.com and apply for some jobs or contact people to see if they have any work available. Just think what you could do right now to bring money in.
Finally you need to put a strategy together so that next time around you do not have all your eggs in one basket. You cant be relying on Google like many companies did years ago. Google traffic is only about 20% of my traffic because even though I get good SEO positions it’s the fear that I will wake up one day and not have them anymore.