Operational Focus: How Well Does Your Business Manage Its Knowledge?

Is your business losing valuable knowledge?

Have you ever had an employee leave, taking years of experience and insights with them? Or found yourself searching for information that should be readily available? Do you or your team waste time researching the same information - again? Knowledge management isn't just about storing data - it's about ensuring that the right information reaches the right people at the right time. How well does your business manage its knowledge?

Knowledge is only valuable if it's shared.

A company's knowledge is one of its greatest assets, but if it's locked away in someone's head (or buried in an endless email chain), it's not serving its purpose. effective knowledge management ensures that employees can easily access and apply information to improve processes, innovate, and make informed decisions. If knowledge isn't shared, it's as good as lost.

Tips for creating a simple knowledge repository.

Creating a Knowledge Management System (KMS) can help streamline information, improve team collaboration, and enhance decision-making. Here are some tips to get started.

1. Define Your Objectives
   • Identify why you need a KMS (e.g., centralizing SOPs, improving onboarding, reducing repeated questions)
   • Determine what type of knowledge you need to capture (explicit knowledge like documents, best practices, frequently researched items)
2. Choose the Right Tools
   • Use platforms like SharePoint, Google Drive, or Notion based on your team's needs
   • Ensure the tool integrates with your existing systems for seamless adoption
3. Organize Information Logically
   • Create a standardized structure for documents, such as templates for SOPs, guides, and FAQs
   • Use a tagging system to categorize information for easy retrieval
4. Start with Key Information
   • Focus on high-impact knowledge first
   • Document workflows, best practices, and lessons learned from past projects
5. Keep It Searchable and Accessible
   • Use clear filing and naming conventions to make files and documents easy to find
   • Ensure the system allows role-based access to maintain security while ensuring the right people can contribute
6. Encourage Team Contribution
   • Make it easy for employees to add or update information
   • Assign knowledge champions or subject-matter experts to maintain content accuracy.
7. Implement Version Control and Updates
   • Schedule reviews to ensure accuracy and relevance
   • Set up an audit system to track document revisions and prevent outdated information from being used
8. Train Your Team
   • Provide training on how to use the KMS effectively
   • Encourage team members to search the system before asking questions
9. Measure and Improve
   • Track usage metrics to see which knowledge assets are most accessed
   • Gather feedback and continuously refine the system to improve usability

Knowledge management is a critical aspect of organizational success. The key is consistency: encourage team members to add to it regularly.

About WandaWorks

Wanda Alberts is a former paralegal and executive assistant who brings meticulous attention to detail and strategic vision to her role as a fractional business operations specialist. She is passionate about giving business owners back their time and setting teams up for success by streamlining workflows, creating documented systems and procedures, and enhancing communications. 

WandaWorks offers two styles of collaboration:
Advisory Guidance - offering insights and recommendations to empower you to take charge and implement solutions independently; and
Hands-On Implementation - offering collaborative support working with you and your team to handle the execution and ensuring successful outcomes.

Learn more here, or contact Wanda today.