Asset Management: Your Knowledge

Knowledge Share

As your business' CEO, your role is to grow your business, be the face of your business and develop new products or services.

That means imparting your knowledge to your team so they can handle the day-to-day of your business without you. This is particularly hard as an entrepreneur since your business is "your baby." Remember, parents need to let go of their babies so they can grow. So, too, must you for your business to grow. That means giving your team the information they need to keep your business running smoothly whether or not you are there.

Schedule Knowledge "Download" Meetings

Schedule regular meetings or calls to keep your team informed of any new opportunities, customer changes, project progress, products, or information that can impact their job or your business. This also means sharing information that is relevant to your industry or your competition. Informed and empowered employees allow the day-to-day of your business to carry on without you. It also makes employees feel like stakeholders in your company's success. And, as Martha Stewart says, "That's a good thing."

Create an Information Library

Creating an Information Library is a great way to knowledge share. It optimizes knowledge and assets and eliminates redundancy.

For instance, if you produce client presentations, marketing collateral, website content or processes, consider putting that information in a shared file like Google Docs or on your in-house server. Your employees can pull from these docs when creating new docs rather than starting from scratch, which can be a huge waste of time and money.

Information Libraries also help build consistency in your communication and brand. Ideally, create templates that you use company-wide to reinforce that consistency. Again, by using templates that reflect your guidelines as the business leader, you are sharing your vision and expectations with your team which creates cohesion and quality assurance.

Create Processes

Processes allow organizations to flow fluidly and ensure quality control. They also often reveal opportunities to develop ancillary products and services, which means more money.

Processes create roadmaps for your team so the guesswork is taken out of how you want--and expect--something to be done. Processes maximize time and ensures consistency within the organization, as well as the customer interface.

Encourage team input on processes as often your staff may have information that can impact the process flow. It is as important for your team to share their knowledge with you and their colleagues as it is for you to share your knowledge with them. Employees often have insight and information but those at the top don't take the time to listen.

Make a Plan. Set Goals.

Many entrepreneurs "shoot from the hip." They deal with issues as they come up. While that is certainly understandable (especially for young start-ups), it's important to be as clear as possible on your long-term and short-term goals so that your team can align their efforts and assets with those goals.

Setting goals and clarifying the strategies needed to achieve those goals allows for optimal knowledge share. Why? Because when your team is clear about your goals, they can get clear on what is needed to help you achieve those goals. The key is to be clear and specific in your goal setting and to empower your team in helping you achieve those goals.

Create an open platform where you share your knowledge and goals for your business. Then, ask your team how they can help you achieve those goals. You'll be surprised at the hidden assets, resources and knowledge your team reveals when you give them the opportunity to be a part of your company's success.

© 2009 Illumin LLC

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