I HATE DROUGHTS!!! We wrapped up a 100-year drought 2 years ago, and many of our lakes were at 50% volume - a few dried up. :/
I actually don't mind it from a fishing perspective. You can learn ALOT about where you normally fish! As "lo n slo said", study the lake when it's down, and mark structure that is normally under water. I used waypoints from the peak of the drought 4 years ago just this past week! If you have a long drought, chances are you'll get updated satellite imagery on Google Maps which can also be very telling. Soak it up! Maybe even take pictures.
Then go fishing. You have a lot less water to cover, your fish are more concentrated, have less shoreline cover, and often, your water is clearer. It should be pretty easy to predict where fish are holding.
When water is dropping, fish pull out... so look more offshore
Drought is usually associated with heat, so look for the classic summer areas where water could be cooler or have more oxygen (shade, grass, current, fresh water, etc.)
If you're not fishing deep water, you should be near deep water. "Deep" is a relative term that differs across all bodies of water.
Look for structure that fish move along as they establish their comfort zone (points, steep banks, bluff walls, channels, etc)
As gloomy as it seems (droughts make me depressed), you will get rain again! We've been well above average the past two years and have all but forgotten about the drought. Hang in there - your lakes will fill up again and then you'll have all kinds of new shallow growth to fish!
