Mix/Production: How to manage the low frequencies in your mix?

How do I kill that "bump" in the bass but still keep it sounding good?

I will often apply a fairly liberal HPF and then re-shape the low end with a low shelf boost.

@Leonard Scaper  If I re-shape the bass to "flatten it out" so to speak do you think at that point I'm doing music in a way that is too visual?

I thought about doing that but I know ultimately it has to sound good. 

@Bill from November Sound ........I know that the purists say to just use your ears.....but I think we get good information with our eyes as well when we correlate the two senses.

Another thing I was thinking about that helps with bass is to search out a harmonic frequency for the low frequency that you have cut and give that harmonic a boost. For instance.....if I have filtered at 100 Hz on a bass guitar track I might look to do a boost at 800 Hz.