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This paper aims to address the question of knowledge transfer within small and medium sized enterprises (SMEs). The authors will identify, analyse and put into context successful learning transfer pre-conditions and their role in the business achievements of SMEs on the verge of Industry 4.0 with its almost unpredictable innovations. The underlying premise is that the transfer of knowledge and skills as a process following formal education has a significant impact on the value that the organization gains. In business practice, training and development in SMEs is usually evaluated with the help of quantitative indicators, e.g. number of training sessions and courses, and employees' feedback on the perceived content comprehensibility, or lecturers' performance. However, the real transfer of knowledge into company practice is measured infrequently. The authors of this paper perceive current practice as a painful point in the whole process of education and training assessment. Even a small enhancement of knowledge transfer into SMEs’ daily operations has a significant impact not only on their position in the competitive market place but also on their bottom lines. On the other hand, insignificant or almost invisible knowledge transfer is a waste of considerable financial resources. Employing literature review and specific examples from business practice, the first section of the paper examines the transfer of learning in relation to business results and sustainable HR management. The second chapter gives a brief overview of innovative education and training methods used in corporate education and learning. The next part of the paper focuses on learning events and barriers to learning transfer. The exploratory analysis findings and their interpretation will provide a stepping stone for further work with the aim devising a state-of-the-art methodology for the evaluation of education and training through the prism of learning transfer accompanied by tangible benefits for stakeholders in the sector of SMEs.