Home topics news News News Would you fly in a plane without oxygen masks? Rick Mapperson November 1, 2010 None of us would fly on a plane that didn’t have any emergency procedures or oxygen masks in place. Yet when you are the owner of a small business it is easy to put-off installing ‘in-case-of-emergency’ measures. Many Australian small businesses are unknowingly handicapped due to a lack of planning for future possibilities. Small businesses cannot afford to function effectively without it, especially in times of constant change. Consider for a moment your business. If your business is like most small businesses, the most vital element of your organisation is you – the owner. With this in mind, you need to make sure your business can go on without you. Why? 1. In the event of unexpected injury or illness where you need to take extended time off work to recover, you need to live off more than just your savings. 2. In the event of dispute, divorce, retirement or simply wanting to move on from the business, you need to be able to sell your business rather than be forced to close it down and miss out on any profit. In addition to a succession plan and exit strategy, the most important security precaution for every small business owner is income protection. Tragically, many small business owners who cannot work due to unexpected injury or illness can’t afford the cost of living and find themselves having to the sell their