This article was provided by our friends at The Million Dollar Solution, a coaching group for lawyers and finance pros helping firm owners tackle their marketing, talent management, work-life balance, and more. Learn more about The Million Dollar Solution by clicking here.
Knowledge management is a crucial component of any successful organization. When done effectively, it ensures that key information and systems are retained in order to support both short-term and long-term success. It is an endeavor that requires active listening and effective communication across all aspects of the organization. Leaders must also be aware of the potential risks if key knowledge is lost. This is typically the hardest part to do because each person can retain different key pieces of knowledge.
To get a knowledge management system in place, you must first figure out all key knowledge that is needed for the business to maintain and hopefully grow your business. These are typically your processes and procedures. According to the Harvard Business Review, the most profitable companies are shifting their focus on establishing better processes and procedures. According to their recent article, “Great Companies Obsess Over Productivity, Not Efficiency,” they found that employees are 125% more satisfied in their jobs when productivity is prioritized over efficiency.
How do you do this? Create a flow of knowledge that is easily accessible and understood by staff so they can be more productive!
One of the most successful ways we have experienced knowledge retention is through mentoring. Implementing a mentoring program within your company helps foster greater employee relationships through trust and communication. This also creates a bridge of information between mentor and mentee.
Mentoring at the start of employment is typically used for onboarding but then stops after the first few weeks. By leveraging mentorship long-term, it is possible to develop comprehensive knowledge management practices that move beyond simple document storage, hence providing a powerful platform for future growth.
As you plan out the next quarter or the rest of 2023, consider how a knowledge management strategy can support your goals for the quarter or year. Most organizations want to grow, but before they can double revenue, proper systems and knowledge must be in place and easily accessible to sustain that growth and higher profitability!
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