Try running or cycling shorter distances than you usually do. If you still have pain, avoid these activities completely. You may need to do other exercises that do not irritate your ITB, such as swimming.
Try wearing a bandage or knee sleeve to keep the bursa and ITB warm while you exercise.
Your doctor may recommend a physical therapist (PT). This is a special therapist that will work with your specific injury so you can return to normal activity as soon as possible.
Your PT may recommend ways to change the way you exercise to prevent problems. You may also be fitted for arch supports (orthotics) to wear in your shoes.
Once you can do stretching and strengthening exercises without pain, you can gradually begin running or cycling again. Slowly build up distance and speed.