How does knowledge sharing help your business?
Updated: Jun 21, 2020
Within departments and organizations, innovation and idea planning benefits significantly from the sharing of knowledge.
In the last few years, I have been working in start-ups, where I have learned the importance of information flow and being open to improvements. The beauty of knowledge sharing is that it makes it possible for all parties involved to expand their horizons and, if necessary, change the initial approach to something better. Asking myself why this is so, I came up with some key points that have helped me on my journey.
1. Improve your initial plan
An "aha" moment can happen while thinking about your business, but building upon that idea takes time. Before you know it, somebody else could have already built the product or strategy. Sharing the knowledge and expanding the conversation can lead to improvements that you would not have thought of if the project was undisclosed. Share, listen, apply, create, and share some more.
2. Showcase future efforts
The joy of coming up with a great concept can make one oversee the energy needed and all the steps to be considered when developing the idea.
The advice can come from anywhere, but it doesn't mean it is right for your business. Share some information about what your plans are. This way, you know the answers you look to reflect your reality.
3. Expand your horizons
By openly discussing ideas with other people, you can conclude whether the plan is going to happen or not, whom you want to involve, what the ROI is, and so on. Strategic planning is successful when people consider all the external factors, and let's be honest. It's teamwork, not a one-person show, that will get the initial ideas into production.
4. Build a network
Find passionate people within companies asking the same questions as you are and find the answers together. Whether you work on building prototypes, testing MVPs, or current pivotal strategy, you wonder if what you're doing is right. Knowledge sharing can open the discussion and bring enormous benefits to a company. Especially if your peers are sharing their own experience and how they handled failure.
Some years ago, I initiated an outbound sharing circle where start-ups from Copenhagen meet to discuss how to make improvements for their customer's overall business experience.
Some of the topics we discussed were what tools to use, resource allocation, and final results after A/B tests. In 2 years, we managed to organize five meet-ups, expanding the initial interest into a more structured and innovative inclusion of knowledge.
Such initiatives should be developed based on one fundamental principle: trust; as Google's study showed, this is the significant value of building successful teams. Finding that balance between knowledge sharing and building trust is the key to improvement.