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Contest: 2010 Inc. 500|5000 Award
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It’s Not Too Late!

Has your private company grown since 2006? If so, it may be one of the fastest-growing companies in America. Apply for the Inc. magazine 500|5000 Award for 2010

Let Inc. recognize and celebrate your company’s accomplishment on the 2010 list of the fastest-growing companies. One of the most prestigious honors in American business, the Inc. 500|5000 list ranks the 5,000 fastest-growing companies based on revenue growth over the span of three years: 2006—2009.

If your company makes the list, Inc. will share its story with the world and publicize your success across multiple media channels.  Honorees are featured in Inc. magazine and/or on Inc.com. And as a part of the national ranking, Inc.’s top lists provide additional recognition to fast-growing companies by metro area and industry, as well as the top minority- and woman-owned companies.

Apply now and you will be eligible to be a featured applicant of the week on Inc.com, and you will also be included in all weekly applicant drawings for Inc. conference packages.

Questions? Call Inc. at 212-389-5505 (toll free 800-248-0308).

SCORE Association, SCORE
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For 50 years, SCORE has helped aspiring and current small business owners achieve their dreams. Through a network of over 11,000 volunteer business mentors in 340+ chapters across the country, SCORE connects decades of business experience and knowledge with those who can best use it.
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Managing: Knowledge Management for Small Biz
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Knowledge Management: Not Just for the Big Boys

Two important questions arise when we talk about knowledge management. First, what does it mean? Second, how important is it to small business?

brain_head_creativityWhat is Knowledge Management?
There are a variety of definitions for Knowledge Management (KM). According to Ron Young, it is “the discipline of enabling individuals, teams and entire organizations to collectively and systematically create, share and apply knowledge to better achieve their objectives.” Knowledge management includes information in computers databases, filing systems and the minds of employees. It is important to promote a KM culture in your organization.

How is It Important to Small Business?
Knowledge Management is equally as important for small business as it is for larger corporations. There are no differences in preserving knowledge between a big company and a small one.  Unfortunately, some small business owners prefer to act with a “wait and see” position regarding knowledge management. It is often a case of “Let the rich, big boys test the waters and when they have validated that it’s worthy to all businesses, then we’ll act.” In the meantime, they continue in the way they know best: losing vital knowledge capital and competitive advantage daily.

In my personal experiences with knowledge management within small business, the process is more crucial because small companies do not have the market leverage, inertia and resources that big companies have. In any size company, retention of intellectual capital is important. When a larger company loses an employee, only one small segment of the information is lost. On the contrary, when an employee leaves a small company, it is more likely that a larger amount of crucial information will be taken away. This may cause a significant impact on the business.

What steps will you take to secure knowledge within your business?

Erika Cruz, Guest Blogger
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