Avoid recession mistakes

Local Feature Article
- 12 Mar 2009 ( #401 )
1 min read
Slashing prices is a no-win game. PHOTO: SHUTTERSTOCK
Slashing prices is a no-win game. PHOTO: SHUTTERSTOCK
Our ongoing series of articles to assist businesses in these tough times this week shares five top recession mistakes identified by About.com.

The portal warns against wide-scale cost-cutting in a knee-jerk response to the financial storm.

Here are five business mistakes you don't want to make during a recession, according to the New York Times service:

1: Don't lay off or fire employees.

While salaries are an obvious expense, trained employees are too valuable to lose and if you fire them, there's no guarantee you'll be able to get them back when your business picks up. Instead, experts suggest cutting hours.

2: Don't stop marketing your business.

The article notes that it's so tempting to cut marketing budgets, but warns that in recessionary times, customers are more fickle than ever "and you need to make even more of an effort than usual to capture their attention and get them interested in your products and/or services".

3: Don't change suppliers just to save a few bucks.

If you have been using the same suppliers for some time, don't throw out the relationships just because someone will provide the goods and services at a lower price. Rather work with your suppliers to cut costs.

4: Don't slash prices.

Slashing prices in the hope of increasing sales volume is a no-win game, according to the website. It may increase sales for a short time, forcing you to consider another cut when sales drop off.

5: Don't cut credit.

By cutting off credit to long-term customers, you run the risk of alienating some and annoying others. If you make it hard for people to buy, they won't, says About.com.

To read the full article, visit About.com.
Also Read:
Wireless charging and the promise of 24/7 operation
Wireless charging and the promise of 24/7 operation
Matthew McDonald Feature Article - 21 Aug 2025 (#1244)
25 years of connecting the global materials handing industry
25 years of connecting the global materials handing industry
Matthew McDonald Feature Article - 17 Jul 2025 (#1239)
Forklifts and the attractions of artificial intelligence
Forklifts and the attractions of artificial intelligence
Matthew McDonald Feature Article - 29 May 2025 (#1232)
Would you share your industry insights? Check the editorial calendar for upcoming special features
Upcoming in the editorial calendar
MANAGING MIXED FLEETS
Oct 2025
ASSET FINANCE
Nov 2025
Words of support …

Undoubtedly, peer experience plays a crucially important role in our industry and it is extremely valuable for us to be part of the platform, where industry professionals, as well as end users can discuss and learn more about the materials handling world.

Alexandra Artemova, Marketing Specialist

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

Inside The News
In what may prove to be a sign of things to come, Canadian materials handling equipment lithium-ion battery manufacturer, UgoWork, has announced battery assembly for some forklifts bound for the North American domestic market will now be done in the US. See the story for full details... Continue reading

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

Upcoming industry events …
September 24-25, 2025 - Tangiers, Morocco
September 25, 2025 - South Brisbane, QLD, Australia
October 23, 2025 - Atlanta, GA, United States
Latest job alerts …
Danville, IL, United States
Movers & Shakers
Andries Retief Andries Retief
Chief development officer, DHL
Director, ICHCA Australia
CEO, TVH
Sales and operations director, Logitrans A/S
Inside The News
In what may prove to be a sign of things to come, Canadian materials handling equipment lithium-ion battery manufacturer, UgoWork, has announced battery assembly for some forklifts bound for the North American domestic market will now be done in the US. See the story for full details... Continue reading
Fact of the week
At the opening ceremony of the Sydney Harbour Bridge in 1932, marching bands were instructed to walk out of step as they crossed the bridge. This unusual directive was given as a precaution due to concerns about the bridge's structural integrity during its early use.
Upcoming in the editorial calendar
MANAGING MIXED FLEETS
Oct 2025
ASSET FINANCE
Nov 2025
Words of support …

Undoubtedly, peer experience plays a crucially important role in our industry and it is extremely valuable for us to be part of the platform, where industry professionals, as well as end users can discuss and learn more about the materials handling world.

Alexandra Artemova, Marketing Specialist
Inside The News
In what may prove to be a sign of things to come, Canadian materials handling equipment lithium-ion battery manufacturer, UgoWork, has announced battery assembly for some forklifts bound for the North American domestic market will now be done in the US. See the story for full details... Continue reading
Upcoming in the editorial calendar
MANAGING MIXED FLEETS
Oct 2025
ASSET FINANCE
Nov 2025
Words of support …

Undoubtedly, peer experience plays a crucially important role in our industry and it is extremely valuable for us to be part of the platform, where industry professionals, as well as end users can discuss and learn more about the materials handling world.

Alexandra Artemova, Marketing Specialist

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET