business
calgaryherald.com
Thursday, October 9, 2014
B7
CAPITAL IDEAS CAPITAL QUESTION:
UPCOMING: OCT
What can be done to protect 14 your business from fraud? Capital Ideas members share tips for staying safe
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Photo supplied by: Shannon Lenstra
“Training your employees and holding them to your operational policy and procedure guidelines can help protect your business and keep operations running smoothly, protecting your business from fraud. Here are some examples of how to protect your business: Screen employees properly; make sure to know what the technology requirements are, that they are met, and that they are implemented by qualified people; if your company does business online, ensure that you are using secure credit processing only; and implement authorization systems with checks and balances.” — David Barnes, strategy adviser at Paradox Performance Group — paradoxperformancegroup.com “There are many things to consider to protect your business from fraud. Internal systems and procedures need checks and balances to ensure that there are multiple layers of eyes watching numbers and transactions in the company. For example, the person entering day-to-day transactions should be different from those doing month-end and annual reconciliations. To protect against external fraud and intrusion, use trained IT to set up tight technical security, backups, firewalls and virus/spyware software. Last, build a relationship with your bank!” — Cheryl Dyck, senior business coach at Business Edge Coaching Inc. — businessedgecoaching.com “To ensure my web-based business is protected against fraud, my website is powered by a major website/eCommerce hosting company that provides security, technical resources, advice and support ... I also keep my computer’s antivirus up to date with automatic updates.” — Guylaine Gagnon, owner of Zentboutique — zentboutique.com
“Many of our clients have been victims of fraud. We always instruct them that they should be monitoring their financial situation regularly. It is key to frequently check their personal and business credit reports, register fraud alerts, and review their statements for any unusual activities. You can also review your general insurance policy to see if you are covered for fraud or identity theft. If not, it is very inexpensive to add it.” — Richard Moxley, lead mentor with eCredit Fix — eCreditFix.ca “A simple way to protect your business is to use secure passwords for all of your online accounts. Use different passwords for every site, and don’t use common phrases that are easy for hackers to guess. Using a password management tool like LastPass or KeePass can make it much easier to generate new random passwords and also to remember all of them for future use.” — Sean Phillips, owner of Riverwood Photography — riverwoodphotography.com “Other than doing a credit application and the usual credit checks through our bank and the credit bureaus, we check to see if a new client has an online presence, and if there are any negative comments about their company. We look at who they are associated with on social media. Oftentimes there will be someone we know that has a relationship with them, so we will contact that company and find out how their relationship has been with the client.” — David Saxby, president of Spark Communications Inc. — sparkcommunications.com
These answers are in response to a question posed by Wellington Holbrook, executive vicepresident of ATB Business. Here’s his take: “Business fraud is growing, and there are more threats than ever facing businesses, and there are a few things that business owners must do to keep safe. For example, as it pertains to protecting yourself from cyber-fraud, change your passwords frequently and always have the most up-to-date antivirus and spyware (one might be surprised how many people don’t do that!). Be very careful who has access to your systems. If you are in the business of selling hard goods, make sure you are investing time in ensuring that you have good inventory controls and systems as well (small theft, even from employees, can lead to big costs over time). Above all, make sure you are talking to the professionals that can help you, even your banker! Banks have solutions for many regularly encountered problems, from cheque management to money-movement security, so talk to those professionals around you who can help you keep your business safe.”
A Small Business Week webinar from ATB Business and BizLaunch When: 1 p.m. to 2 p.m. Admission: Free. Details at atb.com/businessweek2014
Small Business Week YYC: Mission Diner Insider Tour A behind-the-scenes look at the diner, including flapjacks served up by Calgary Chamber president and CEO, Adam Legge. When: 8 a.m. to 9 a.m. Where: Mission Diner (2308 4th St. NW) Admission: Free. Details at smallbusinessweekcalgary.com
Small Business Week YYC: Jelly Modern Doughnuts Insider Tour A tour of a great Calgary small business, including networking and sweet samples When: 4:30 p.m. to 6:30 p.m. Where: Jelly Modern Doughnuts (1414 8th St. NW) Admission: Free. Details at smallbusinessweekcalgary.com
Small Business Week YYC: Exemplary leadership An evening of conversation and up-close interviews with the visionaries behind three successful Calgary companies When: 6 p.m. to 8:30 p.m. Where: Hotel Arts (119 12th Ave. SW) Admission: Free. Details at smallbusinessweekcalgary.com
Small Business Week Awards and Expo
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Shannon Lenstra, president of Kon-strux Developments (kon-strux.com), advises entrepreneurs to take every precaution. “Get a respected, trustworthy bookkeeper and accountant. Make sure there are checkpoints in your process by several individuals along the way. This is imperative, as it makes sure that everyone takes responsibility. Most importantly, do monthly internal audits of your books and accounts. Check, check, check and know your numbers inside and out!”
Cyber Security: Data Defence for Your Small Business
Attend breakout sessions and tradeshow during the day, then celebrate small business with the Calgary Chamber, powered by ATB Business When: 3 p.m. to 9 p.m. Where: TELUS Spark Science Centre (220 St Georges Dr. NE) Admission: $29 to $40. Details at smallbusinessweekcalgary.com/expo
Have an event that Capital Ideas should know about? Contact us at hello@capitalideascalgary.com.
COMMUNITY QUESTION:
What is the best thing you’ve learned from another business owner? This week, we’ve invited Julia Harrington, community outreach librarian for business and finance at the Calgary Public Library, to pose a question. Here’s what she would like to know: What is the best thing you’ve learned from another business owner? Visit capitalideascalgary.com to answer this question. We’ll publish your answer, along with your name and your business’s name and website, on Oct. 16. The Calgary Public Library will host a free Small Business Week event on Oct. 20 featuring four panellists from award-winning local businesses: • Annie Cole of Muttley Crue Organics • Mike Finch of Self Connection Books • Ryan Townend of William Joseph Communications • Roger Jewitt of Jump On Flyaways To register for the event, search for “Small Business Week Panel” at eventbrite.ca.
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