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 …

I know I can count on them. They give valuable suggestions on the campaign planning, and to publish content is as easy as abc, as they take care of the material layout and check links. This is a great support.

Annalisa Castellini, Marketing Manager

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

Forkliftaction's JOB MARKET

Inside The News
In this week’s Forkliftaction News we report on the recent IMHX event in Birmingham with coverage of new product launches, key themes and observations from those attending. We also name the winners of the 2025 Archies Awards, held in conjunction with IMHX... Continue reading

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

Forkliftaction's JOB MARKET

Upcoming industry events …
October 15-16, 2025 - Amsterdam, United States
October 15-16, 2025 - Las Vegas, United States
June 30 - Jully 2, 2026 - Birmingham, United Kingdom
Latest job alerts …
Clinton, IA, United States
Movers & Shakers
Rodney Grant Rodney Grant
Chief executive officer, Hire Industry Association New Zealand (HIANZ)
Director of sales and operations planning, Hyster-Yale Materials Handling
President, Advanced Intralogistics
Chief development officer, DHL
Inside The News
In this week’s Forkliftaction News we report on the recent IMHX event in Birmingham with coverage of new product launches, key themes and observations from those attending. We also name the winners of the 2025 Archies Awards, held in conjunction with IMHX... Continue reading
Fact of the week
In May 2023, a Belgian Malinois named Wilson played a key role in the rescue of four children lost in the Amazon jungle. The young children were missing for 40 days after a plane crash that killed their mother and other adults. Wilson tracked the children's footprints, leading the military to their location.
Upcoming in the editorial calendar
MANAGING MIXED FLEETS
Oct 2025
ASSET FINANCE
Nov 2025
Words of support …

I know I can count on them. They give valuable suggestions on the campaign planning, and to publish content is as easy as abc, as they take care of the material layout and check links. This is a great support.

Annalisa Castellini, Marketing Manager
Inside The News
In this week’s Forkliftaction News we report on the recent IMHX event in Birmingham with coverage of new product launches, key themes and observations from those attending. We also name the winners of the 2025 Archies Awards, held in conjunction with IMHX... Continue reading
Upcoming in the editorial calendar
MANAGING MIXED FLEETS
Oct 2025
ASSET FINANCE
Nov 2025
Words of support …

I know I can count on them. They give valuable suggestions on the campaign planning, and to publish content is as easy as abc, as they take care of the material layout and check links. This is a great support.

Annalisa Castellini, Marketing Manager

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

Forkliftaction's JOB MARKET