This is part four (and the last serving for a while) of continuous improvement ideas, finding the gold buried in your process and accompanied with a massive helping of Just DO It! I hope that one of the ideas I’ve shared has resonated in some way and motivated you to look at a process or two in your business.

We’ve covered your DDC (Digital Decluttering Cleanse), CCR (Cold Client Reactivation), and Triple Ms (Mindless, Myopic Meetings). Today, I’ve saved what could be the best till last.

What’s your KMA?

Many of us turn this on when we suddenly have to pivot, make a U-turn, or desperately need to find other sources of income quickly. Knowledge Monetization Ability (KMA) is the skill of turning your expertise and experience into a profitable venture. I admit this sounds lofty and less continuous improvement. However, it is indeed about continuous improvement, and I have saved it until the end for two reasons.

First, it ties directly into the case study I provided on the latest podcast. Second, it is something all businesses these days need to have, at least in their back pocket. The pace of change will only keep accelerating, and it is vital that business leaders keep their empires as strong and nimble as possible.

Here is the Coles notes version of the latest podcast. It is a story about a business that moved from a standard old-fashioned gold mining operation to establishing and leading the new industry that recycles diesel catalytic converters. All they did was solve a problem for a new customer. And the by-product of their efforts was a novel way to monetize their knowledge.

So, what does monetizing one’s knowledge really mean? In broad brush strokes, you solve problems for your customers (new or old, present or future) using the knowledge and expertise you’ve developed. You could guide them, teach them, and save them time, resources and endless mistakes. While niche consulting and teaching are two straightforward and common ways of doing this, there are many other ways.

Moreover, it provides a fearless way to expand your mind, dream, and brainstorm about the potential for growth and expansion. Most importantly, you’ve at least looked at what you have and thought about how to monetize what is already yours. Let’s get into where to start.

Audit your internal processes and expertise

This is more of a comprehensive review of your work processes and how they could benefit others. Here’s the truth. Most of us take what we do for granted and assume others do the same thing. This is NOT what happens in the real world. Most businesses have at least one thing another business would happily pay for. So, look at those areas you do really well and require nothing extra (other than marketing) to be helpful in another application.

For example, say you have some admin process that basically runs itself. You’ve perfected it over the years, which is stellar for your operation. Or perhaps you have a process that does just one thing. (A super way to melt away something, reduce something to its smallest denominator, or form something into something else.) Or maybe you have a team of experts who know everything there is to know about something. The whole point is to review and list what you have, regularly lean on and take for granted.

Expand your mind, dream and brainstorm

Who, what, where might someone be interested in what you’ve got? What one-off projects have your customers asked for that you’ve followed some process that other audiences could use? In other industries? Maybe in other countries? For example, if you have already created a stellar niche magazine, can you create a similar product for a different, underserved industry? If you already package or make a particular group of ‘things’, can you do something similar for a different customer, industry, or country? If you’re already a renegade with a solid track record, can you take whatever it was in your company to help another? Think bigger than what you do today or this year. Think waaay outside your comfort zone.

Develop some frameworks

Remember, simplicity always wins in the end. Can you package your knowledge, process, and/or track record into sellable formats? Of course you can!

Layout your basic marketing

This is new territory, so it’s important to be flexible and willing NOT to get it right the first time. Invest your brain power in a pricing strategy based on market analysis and value delivery. Look carefully at possible distribution channels and define an appropriate marketing approach. This section should feel entirely comfortable because there is a high probability that what has been working for you and your business may work in the markets you are considering.

Plan for the BIG necessities

This does not need to be daunting. However, you should invest in thinking about the TIME requirements, the RESOURCE requirements, and the additional CASH requirements you will likely need to cover WHEN you decide to hit the go button to monetize your knowledge. It goes without saying that when we estimate anything, too often, we underestimate it. So, add those contingencies to the breathing room.

Whether you launch piecemeal, whole hog, or not at all doesn’t matter. You are more prepared than before you started this exercise. And, as you have gone through the process of strengthening your Knowledge Monetizing Ability, I guarantee you have also gleaned a few new ideas for boosting your existing customer base. Don’t drop the ball on those. Do yourself a big favour and push on those, at the very least. Remember, your efforts are likely to be successful, and the growth potential is significant.

To your success!!!!