I have posted this question with the aim to provide an answer myself as I feel like this is a very important topic and I have seen information regarding this issue in a number of posts but would like to add my own take on it. I don't believe my answer to be the best but only a reflection of my own personal experiences as an intern. Please feel free to add additional answers and comments.
I am looking to hire a University placement/intern student to join my small company for a 12 month period but have little to no knowledge of what to realistically expect from them and how to make the experience as beneficial as possible for both parties.
Although the question is relatively broad, are there any specific steps I can take to ensure that both myself and the intern gain as much as possible from this experience?