Planning always benefits small businesses. Assessing risks and outlining a plan of attack should be part of your standard business plan.

The process for this is known as risk management.

A risk management plan helps you understand potential risks to your business and identifies ways to minimise them.

Some risks may directly or indirectly affect your business' ability to operate.

To effectively manage risk you should prepare for internal and external factors that may affect your business, such as - work safety, online security, fraud, supplier problems, natural disaster, legal issues and even staffing.

Be sure to also consider external fluctuations that may affect your industry.

All businesses are susceptible to change so develop your predictions with flexibility built in.