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Who is the Keeper of Your Institutional Knowledge?

Release Date: 08/21/2023

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CEO Chronicles

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Season 2, Episode 28

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Bottom Line Up Front - BLUF

CEO Chronicles

Welcome back to another exciting episode of CEO Chronicles in which we dive deep into the essence of effective communication and time management, both incredibly important when it comes to being CEOs! We share our no-nonsense approach to business dealings, emphasizing the importance of getting straight to the point. Karamel discusses her frustration with unnecessary details and the need for clear, concise information in business interactions, and we both stress the significance of the "bottom line up front" mentality, focusing on what truly matters and making decisions swiftly. We also explore...

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CEO Chronicles

Join us this week on CEO Chronicles as we provide insights into both of our journeys as CEOs! In this candid conversation, we discuss the challenges and responsibilities that come with leading a business, and Michele reflects on her background in radio and sales, emphasizing the importance of never missing work and always achieving goals. Karamel, on the other hand, coming from a startup background, shares her experience of building something out of nothing and navigating the complexities of running a business. We both touch on our interactions with vendors and the need for clear communication...

Career Considerations…Do We Have To?

CEO Chronicles

Join us today as we get talking about whether employers should consider things like commute times. We believe that you need to set clear expectations up front. We discuss how we are both upfront with our employees - the work needs to get done, even if it means staying late some nights. We do also talk about how we understand that people's lives change and how showing a little flexibility can build loyalty, but we also do not believe in showing favoritism. Listen in as we also get into how we each manage teams and how our styles are both similar and different. We like to consider their needs,...

Entrepreneur Arrogance, Competence or Confidence

CEO Chronicles

Join us today on a thought-provoking episode of CEO Chronicles as we delve into the complex interplay between confidence, competence, and arrogance in the world of entrepreneurship! While we acknowledge that as business owners, we certainly exude confidence and certainty, we also explore the distinction between arrogance and competence. Reflecting on our roles as confident leaders with a clear vision, we emphasize the value of humility and the importance of balancing confidence with approachability. We also discuss the challenges of decision-making, the nuances of leadership, and the...

Who is the Keeper of Your Institutional Knowledge?

CEO Chronicles

We are talking all about institutional knowledge today, and some of you may be wondering, what is institutional knowledge? Well, listen in today as we talk about what institutional knowledge is and why it’s important, offering personal examples along the way such as something that happened on Karamel’s recent trip to St. Lucia (not Croatia)! As we explain on the show, institutional knowledge is the sum of information a company and its employees possess, including but not limited to techniques, expertise, policies, data, skill sets, processes, and experiences. We also explain that there is...

More Episodes

As we explain on the show, institutional knowledge is the sum of information a company and its employees possess, including but not limited to techniques, expertise, policies, data, skill sets, processes, and experiences. We also explain that there is an important difference between explicit knowledge and implicit knowledge and touch upon why that distinction is important.

We also explore the importance of consistency, effective training systems, and clear communication in establishing a successful business foundation. Learn how empowering employees, fostering cross-training, and implementing standard operating procedures can lead to fewer information gaps and smoother operations, the power of embracing shared knowledge and the role it plays in overcoming challenges, how to avoid over-reliance on a single individual's expertise, and so much more!

We really hope that you enjoy today’s conversation and get some great insight out of it! Please feel free to reach out to us with your thoughts; we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[0:52] - Karamel was just in St. Lucia!

[1:22] - Today’s conversation is around institutional knowledge.

[2:14] - Karamel offers an example of institutional knowledge.

[3:08] - Hear a definition of institutional knowledge.

[4:49] - Karamel explains the difference between explicit knowledge and implicit knowledge.

[7:04] - Turnover can happen very quickly!

[8:45] - What are the benefits of implementing institutional knowledge?

[10:18] - Michele discusses the difference between practice and policy.

[11:18] - Michele is learning that everyone thinks and operates differently.

[12:30] - Karamel moves toward talking about efficient onboarding.

[13:25] - Continuity of service is another benefit of institutional knowledge.