Buying a business or running one – you need to care about it

Knowledge is a key business asset and the acquisition, preservation and sharing of that knowledge defines a business’s success, if you think about it acquiring a business without the knowledge to find and then service customers profitably means that there is nothing worth paying for, buildings full of office furniture and machines. There is more than one sort of knowledge however and whilst Explicit knowledge is easy to acquire and manage Tacit knowledge is just the opposite.

Explicit knowledge is written down and embodied in processes, procedures and software, you can put your hands on it, you can duplicate it and you can disseminate it. We are taught explicit knowledge in company training and at universities… facts. Tacit knowledge on the other hand is much harder to write down, it’s about how you use the facts to achieve your goals, knowing what to do with information and very often in our sector where formality and recording information scrupulously are less common it’s also ‘what’s in Fred’s head’ the knowledge of the history and circumstances behind current events (why is that customer so upset about such a small issue). Tacit knowledge is often explained by citing our ability to recognise faces, humans are particularly good at it but how would you pass on the knowledge that allows a good salesperson to recognise a person that comes on to your stand at Fit Show and understand the threat or opportunity of such a visit to an alien that didn’t have that ability to recognise faces? ...more

Chris Ball
MBA Associates

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