Many businesses create, identify, record and distribute knowledge organically - without the need for intervention or process. As your business grows your knowledge grows too.
Turning this around, the act of proactively managing and increasing the value of knowledge can help grow your business. Right?
Your knowledge may be trade secrets, patents, or a ’special way of doing things’. Protecting this knowledge could be your first reaction, but lots of businesses grow by licensing or sharing knowledge to make money or establish partnerships.
Perhaps your knowledge is your people, their years of experience or specialised skills. Or, maybe Fred is the only person who knows how to get the projector working… Not important, until your dream client visits to see your pitch and Fred’s off sick.
A simple example, but it makes the point. Your approach to managing knowledge will depend on how disparate your knowledge is, how easily you can record it, and how valuable it is to you, competitors or customers.
The challenge is harnessing knowledge in a coherent and productive way. You need to identify sources of knowledge and figure out ways to record, protect, share or exploit information effectively throughout your business or more widely.
Want to know more?
The Business Link guide ‘The importance of knowledge to a growing business’ outlines ways to exploit and share knowledge across your business. It also offers advice on creating a knowledge strategy and explores technology as a means of managing knowledge.
More info - The importance of knowledge to a growing busines
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