With the economy the way it is, you may not want to hire your next employee right now, but please don't STOP recruiting. If you continue meeting talented individuals on a regular basis, regardless of your current need, you gain the advantage over your competition. You create relationships with potential employees before you bring them on board. You get to know candidates at low risk.
If you follow this advice, you will create a steady stream, a pipleline, of talented individuals ready to come to work for you when things turn around... and they will turn around!