Importance of updating files

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.

Employment contracts can be written to reasonably limit your employees' freedom to quit and work immediately for one of your rivals (restraint of trade clauses) or set up a competing business to yours in the vicinity (restrictive covenants).

Protecting and exploiting your knowledge base will be more effective if you develop efficient systems for storing and retrieving information.

Your files - whether stored digitally or on paper - contain knowledge that you can use to make your products, services, systems and processes better and more customer-focused. Your employment policies play a central role in this.

Incentives and training Remember that offering staff incentives to come up with suggestions for how the business can be improved is often an effective way of getting them to use and share knowledge.

Don't forget the importance of training in spreading key knowledge, skills and best practice across your business.

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