Nick Milton does a great job answering this question:
How to build a KM strategy, in less than 50 words
Decide what knowledge is vital for the organization (A)
Find out who needs that knowledge (B)
Find out where that knowledge is now (and if it doesn’t exist, where it will come from) (C)
Work out how to get A to B from C
· Routinely
· Systematically
· Effectively
· Efficiently

As one commenter mentioned, it's important, when determining the knowledge vital to the organization, that consideration be given to where the organization wants to be.

Source: Nick Milton

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