Check out the best stories from the week of June 28 on Your Business. Read our columnists, view archives of discussions, and connect through social media on the Your Business homepage.
Internships provide launch pad for new business
Every future CEO has to start somewhere.
There are many opportunities for students to join the work force during the summer months, but the challenge for Gen Y is to build skills that can launch them from intern to entrepreneur.
To make the most of it, interns should actively work to develop their skill set while they are surrounded by an ecosystem of expertise and support. It allows students to build their knowledge base while bringing a fresh perspective to employers.
Start by taking on extra projects of interest, setting up coffee meetings with leaders you are genuinely interested in, and seizing initiative when given the opportunity.
When I was an intern working in marketing for a Fortune 500 company, I was surrounded by encouraging colleagues who kept an open ear when it came to new ideas and a fresh perspective. The environment allowed me the opportunity to identify and pitch a program that solved a business problem but also confirmed the need for companies to better understand how to connect with students and Gen Y. I saw how leading brands approached campuses and students with archaic and traditional tactics that simply were not working.
June 28, 2010. Bill Stewart, President of Wilcox Door Service, stands in front of a large truck bay door installation at Mississauga City Hall in Mississauga, June 28 , 2010. A "slimy" competitior has circulated a fraudulet letter to his clients stating the company has gone bankrupt, when in fact, it has not. (J.P. Moczulski/The Globe and Mail)— J.P. MOCZULSKI
Business owner fights fraud with aggressive campaign
Commercial fraud has become increasingly easier to commit because of technological advances, contributing to a rise in the number of cases across Canada, forensic accountants and lawyers say.
Last year, 56 per cent of companies surveyed by PricewaterhouseCoopers reported being victims of economic crime in the previous 12 months, compared with 46 per cent in 2003. To staunch this growth, experts recommend preventive measures, such as training staff on different fraud techniques, but as a fallback they stress that acting quickly can mitigate fallout and save client relationships.
Bill Stewart did just that, after his clients unexpectedly started asking whether his company had gone bankrupt this past spring.
The questions came after they received a letter stating all service contracts of his Mississauga, Ont.-based Wilcox Door Service had been terminated, as well as a copy of an Ontario bankruptcy filing for a company with a deceptively similar name. Although a separate division of his business had gone into restructuring, Mr. Stewart said Wilcox Door Service was operating as normal. When he looked at the letter mailed to clients, it was clear that someone had ripped off a logo from his company’s website, used it to build a letterhead, and then forged his signature.
Company doubles in size thanks to advisory board
Corporations are required to have a board of directors, and non-profits have volunteer boards with their own legal responsibilities. Popular images of boards rarely conjure up thoughts of small or medium-sized businesses, but the benefits from mentoring, advising and guiding can be substantial.
“Boards of directors are accountable to shareholders and that is why they are put in place,” says Grace Bugg, CFO of Strategic Leverage Partners, a Toronto consulting firm that specializes in board effectiveness. “If a person has a controlling interest in their company with a few other small shareholders and they don't want to lose control, they might want to have an advisory board that they use strategically, rather than a formal board of directors.”
