As a business owner, it's important to plan for potential changes - in your marketplace, in your community, or in your life. You'll have a much greater chance of succeeding in even the most difficult times if you have a contingency plan.

Begin by outlining arrangements you've made or intend to make, to ensure you, your family, your employees, and your business will be able to adapt to potential changes. These may include:

• Personal insurance, like disability and life insurance.
  
  
• Your prepared Will. 
  
  
• Business insurance, like commercial property, interruption, and general liability insurance.
  
  
• Credit insurance.
  
  
• Employee insurance, like worker's compensation insurance. Most businesses are required by law to carry workers' compensation insurance, which protects you and your business against employee lawsuits related to work accidents and provides benefits to injured employees. To learn more, visit your provincial Worker's Compensation Board.
  
  
• Succession plans that provide for management or ownership of your business in the event you or other key members of your team unexpectedly decide to leave the business or are unable to work.

Finally, turn your attention outward. Ask yourself about sudden challenges that could confront your business. Think about:

• Competitors. What if a major new competitor moves next door?
  
  
• Suppliers. What if a key supplier fails to deliver?
  
  
• Customers. Are you dependent on one or two large customers? Do any of your customers account for a significant portion of your total sales? What if one of your best customers leaves, or something happens that significantly affects the demand for your product or service?
  
  
• Labour. What if you can't find employees with the skills required, or there's a strike?
  
  
• Industry trends and factors. What if there are regulatory shifts (e.g. a new local government is elected), economic shifts (e.g. interest rates are raised), or environmental developments (e.g. a weather-related disaster strikes)?