Put on a wingsuit. This can reduce the downward speed from 120mph to 30/40mph. But this does greatly increase forward speed.
Wear a baggy jumpsuit made of cordura. This can take 20mph of the freefall speed and is useful for instructors who are jumping with lightweight students.
De-arch the body to become less aerodynamic. This can take around 10 to 20mph of the freefall speed.
If the parachute has opened:
Pull down on the steering toggles a little to reduce the angle of attack. If pulled down too much however, this can cause the canopy to collapse.
You can also pull down on the rear risers (where the suspension lines are connected to). This does the same thing.