"the faith and love that spring from the hope that is stored up for you in heaven and that you have already heard about in the word of truth, the gospel that has come to you. All over the world this gospel is bearing fruit and growing, just as it has been doing among you since the day you heard it and understood God's grace in all its truth." NIV translation
Paul goes on to explain that this faith and love is not from the efforts of men but from the hope that comes from God. He explains that the growth and bearing of fruit that was happening in Colosse was normal and that it was all because of the grace of God.
"You learned it from Epaphras, our dear fellow servant, who is a faithful minister of Christ on our behalf, and who also told us of your love in the Spirit." NIV translation
While Paul was teaching in Ephesus, Epaphras went to Colosse and taught and the "church" was formed and met in the house of Philemon. It takes many people in many places working together for the kingdom and, by them working together in separate areas, more was accomplished. He also went back and gave an update to Paul on the progress of the believers which was an encouragement to Paul and the rest of the team.
"For this reason, since the day we heard about you, we have not stopped praying for you and asking God to fill you with the knowledge of his will through all spiritual wisdom and understanding." NIV translation
Paul continues to let us know of his prayers for the Colossians. We see how important it is to have the wisdom to know the will of God. He continually prayed for them to be filled with this wisdom as it is a gift of God. He continually prayed for it to increase as we will never have all of the wisdom to understand God but we can grow in our understanding.
"And we pray this in order that you may live a life worthy of the Lord and may please him in every way: bearing fruit in every good work, growing in the knowledge of God," NIV translation
Paul shows us the reasons that he prayed for the believers to have wisdom concerning God's will and it comes down to pleasing God. You please someone by knowing what they want and giving it to them and Paul is simply praying that they understand what God wants from them. Once the believers know that, then their lives can please God and demonstrate His power and glory to others (bear fruit). Listening to God and following His plan will help us to grow in our knowledge of Him. It is not this knowledge that saves us (the Gnostics believed that knowledge saved) as we are already saved.