Nine ChatGPT Prompts to Write a Business Plan

The barriers have never been lower to start a business, and the tools have never been more powerful.

Good Morning!

Here are today’s highlights:            

• Small retailers are expecting a slow holiday season.

• Gene Marks has some advice on choosing the right accounting software.

• The labor market has cooled, but Sam’s Club is giving out 100,000 raises and restaurants are still understaffed.

• Don’t try to implement EOS without listening to our latest podcast.

ARTIFICIAL INTELLIGENCE

Here are nine ChatGPT prompts to write a business plan: “Like the blurb on the back of a book, the purpose of your executive summary is to convince the reader to keep reading. It’s arguably more efficient to write an executive summary after preparing the other sections of your business plan. That way, they can serve as a guide. With that in mind, here’s a prompt you can use once you’re ready to craft your executive summary:

• “‘I am developing a business plan for [my company/the company I plan to launch]. Below, I will provide key details about the business, including its mission, [products/services], target market, competitive advantages, growth objectives, and financial plan. Using this information, can you draft a compelling executive summary? If any information is missing or could be expanded, please highlight those areas and suggest what additional details I can provide to make the executive summary more impactful and comprehensive.”

• “The market analysis part of your business plan begins with defining the target market and audience. Here, you want to describe your business’s current and/or future target audience: the group of people or businesses you plan to sell to and the number of people or businesses who fit that description. This section should show that you understand your target market and how you’re meeting their needs. While ChatGPT can lend a hand in editing, it can also help conduct your research at this juncture. With that in mind, here’s a prompt you can use:”

• “I am working on my business plan and need help identifying and describing my target market. Here are the key details about my business: Product or service description. Unique value or benefit it provides to customers. Existing research or insights about the market or customer demographics. Geographic location or regions I plan to serve. Current competitors. Pricing strategy and product positioning. Using this information, can you help me describe the ideal customer profile and target market segments for my business? Please also suggest any additional information that would help make the target market analysis more precise.” READ MORE