Knowledge management and business growth

Create a knowledge management strategy

If you want to get the most from your business' knowledge, you need to take a strategic approach to discovering, collating and sharing it. This is done via a knowledge management strategy - a set of written guidelines to be applied across the business.

Getting managerial support for your knowledge strategy

If your knowledge management strategy is to be effective, you must make sure your senior managers are committed to it and are fully aware of the benefits it can bring. Discuss with them the best ways of collecting and using knowledge.

You may decide to appoint a senior manager as knowledge champion for your business. 

Creating a knowledge management strategy

When you're drawing up the knowledge management strategy, you need to:

  • consider how effective your business currently is at using its knowledge
  • analyse your internal processes for gathering and sharing information - including ways of generating ideas and the staff's grasp of what is happening
  • make sure that knowledge management, acquisition and distribution is a continuing process, so that it becomes central to your business' strategy

Identify the value of knowledge to your business and ways you could exploit it for financial gain - perhaps by:

  • Gaining a larger market share.
  • Developing new products.
  • Selling or licensing your protected intellectual property to others. Ensure this fits in with your overall business plan. See protecting intellectual property.