Tangible results are the most powerful weapon Chief Knowledge Officers (CKOs) have for persuading their companies to adopt the knowledge management agenda. Today, in small medium enterprises (SMEs), CKOs can take a more strategic perspective, scanning the enterprise to discover how they might improve customer relations as well as promote knowledge management practices. The goal of this research is to explore the links between: the extent to which a SME possess a CKO; its knowledge management practices; and the strength of its customer capital. The research model and hypothesized relationships are empirically tested using the structural equation modelling (SEM) approach, validated by factor analysis of 164 SMEs in the Spanish construction industry. The main conclusion from our empirical study is that the responsibilities associated with the management of knowledge fall into three general categories: context in time; learning from demand; and open-mindedness.