Jomes Robertson at Step Two has written a nice overview on Developing a knowledge management strategy. I don't know which parts are best, so I will tell you to read the whole thing and give you the conclusion here:
Developing a knowledge management strategy provides a unique opportunity to gain a greater understanding of the way the organisation operates, and the challenges that confront it.
By focusing on identifying staff needs and issues, activities and initiatives can be recommended with the confidence that these will have a clear and measurable impact upon the organisation.
Supplementing this 'bottom-up' research with a strategic focus then ensures that the KM initiative is aligned with broader organisational directions.
Taking this approach to the development of a KM strategy allows limited resources to be targeted to the key needs within the organisation, delivering the greatest business benefits while positioning the organisation for long-term growth and stability.
[via Step Two, 'natch]