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All businesses have access to an extensive pool of knowledge - whether this is their understanding of customers' needs and the business environment or the skills and experience of staff.The way a business gathers, shares and exploits this knowledge can be central to its ability to develop successfully.This guide explains the basic sources of knowledge available to your business, how you can best harness and exploit this information and how to create a knowledge strategy for your business.Using knowledge in your business isn't necessarily about thinking up clever new products and services, or devising ingenious new ways of selling them. Useful and important knowledge already exists in your business.Knowledge sharing Consider the best ways of sharing new ideas and information with your staff.You may already have regular meetings when you can brief employees and ask them to share ideas and best practice.This doesn't just apply to huge multinational companies.Knowledge management can benefit everyone from a local newsstand to a manufacturing firm.

You can use these knowledge management practices throughout your organisation to build better processes.You may decide to appoint a senior manager as knowledge champion for your business.See the page in this guide on how to make knowledge central to your business.You could consider holding innovation workshops or brainstorming sessions at which staff are given the freedom and encouragement to think of ways in which the business could improve.It can also be a good idea to create a knowledge bank containing useful information and instructions on how to carry out key tasks.

As part of your knowledge management, you should also make sure that any intellectual property that your business holds is protected.

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