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While the concept of the learning company has now become a fairly well‐established idea within academic and practitioner circles, it is still a concept which is in emergence and thus a certain amount of ambiguity and confusion surrounds it. It is, therefore, necessary not only to develop an understanding of the concept to the point at which it is possible to begin to understand the implications for practice, but also to establish the relationship between the presence and the development of learning company characteristics and organizational performance. Reviews the application of learning company ideas in a primarily small to medium‐sized enterprise environment, and using a case study approach considers the training, development and learning potential of one company after the application of The Learning Company Project questionnaire, developed by The Learning Company Project in Sheffield.

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