Virgin Group founder Richard Branson once said, “If your pitch can’t fit on a beer mat, a napkin, or back of envelope, I’d rather listen to someone else’s pitch that can fit.” His thinking was that good ideas can be expressed very succinctly.
There’s a sure romance in those business stories where inspiration strikes in the middle of a crowded bar and the founder writes his concept on a napkin. In reality, starting a business requires more planning than just a brilliant concept. Whether it’s a secure investment or simply creating a roadmap for your team, a well-thought-out business plan deserves to be meticulously organized and strategic, rather than simply being supported on a napkin. Entrepreneurs who write formal plans are 16% more likely to achieve viability than those who do not plan.
Fortunately for today’s aspiring marketers, the barriers to starting and planning a business have never been lower. With AI teams like ChatGPT, founders have effective and affordable resources at their fingertips. If ChatGPT had existed almost two decades ago, when I started my online bureaucratic business career, I might have abandoned my task sooner. Here are nine ChatGPT activations that today’s marketers can use to write a business plan.
Think of your summary as your elevator pitch, where you concisely summarize your business plan, describe the concept, and detail key financial aspects. This is news to your business for your reader, so it needs to make a first impression. Advertising on the back of a book, the goal of your summary is to convince the reader to continue reading.
It is probably most effective to write a summary after you have prepared the other sections of your business plan. In this way, they can serve as a guide for you. With that in mind, here’s a spark you can use once you’re in a position to write your resume.
“I’m making a business plan for [my business/the business I plan to start]. Below, I will provide the key main points about the company, adding its mission, [products/services], target market, competitive advantages, expansion goals, and monetary plan. With this data, can you write a compelling summary? If any information is missing or could simply be expanded, highlight those gaps and recommend what additional main points I can contribute to make the summary more impactful and complete.
It is time to provide information about your business. What is the legal structure?What is your product or service? What exclusive will your product or service offer to your customers?Where is the company located? Is it physical, online, or both?Who are the main stakeholders?
In this section, you should paint a more detailed picture of how your business will operate on a day-to-day basis. Try this message:
“I’m running the Business Overview segment of my business plan and want to write a detailed description. Here are some facts about the company:
Legal structure: [SARL, company, etc. ]
Product/service: [brief description]
Unique value proposition for customers: [brief description]
Business Location: [physical address, online, or both]
Key stakeholders: [list key personnel]
How the will operate: [brief description]
Can you help me write a corporate review with this information?If any vital main points are missing, create a bulleted list and recommend how I can make the description more comprehensive.
Your project deserves to explain why your company exists and its core values. Here you can also explain what your company needs to achieve in the future.
You can simply write your project and ask ChatGPT to review it and offer suggestions. Another option is to have ChatGPT rewrite your project in a certain style, even channeling another company’s voice. For example, here is an edit of the JotForm project:
“JotForm is a powerful online form builder that simplifies the creation of physically powerful shapes and data collection. JotForm is a gateway to gathering more information to drive your business forward.
Here is a way to rewrite the project declaration:
“I write the project of my business plan. Can you rewrite the project in the style of [Apple/Tesla/Canva/etc. ]? »
To prove it, here’s how ChatGPT rewrote our Apple-style project:
“JotForm allows companies to effortlessly create a transparent bureaucracy and collect valuable data. It’s the intuitive tool that transposes the way you gather information, allowing you to make smarter decisions and achieve success. »
Tesla:
“Jotform is revolutionizing the way businesses collect and harness data. With powerful, intuitive tools, we empower you to create dynamic forms that unlock smarter insights, driving progress and pushing the boundaries of what your business can achieve.”
Canva:
“Jotform makes it easy for anyone to create powerful, customizable forms and gather meaningful data, all in one place. We’re simplifying the way businesses collect information, helping you work smarter and unlock new possibilities.”
The market research component of your business plan starts with defining the market and target audience. Here you should describe your company’s existing and/or long-term target audience: the organization of other people or companies you plan to sell to and the number of other people or companies that are compatible with that description. This segment shows that you perceive your target market and how it meets their needs. While ChatGPT can help you with editing, it can also help you conduct your studies at this stage. With that in mind, here’s a spark you can use.
“I am executing my business plan and want to identify and describe my target market. These are the key main points of my business:
Description of the product or service:
Unique price or get the advantages it offers customers:
Existing research or insights about the market or customer demographics:
Geographic location or plan to serve:
Current Competitors:
Pricing and product positioning:
Using this data, can you me describe the ideal visitor profile and target marketplaceplace segments for my business? Please also recommend any further data that would make the target marketplaceplace research more accurate.
Military strategist Sun Tzu said, “Keep your friends close and your enemies closer. » As a business owner, knowing your festival will allow you to know your strengths and weaknesses and how to define yourself.
This segment of your business plan informs readers about the competitive landscape and highlights opportunities in the market. Include a list of competitors (direct, indirect, and ambitious) and summarize who they are, what they offer, and who they serve.
To request ChatGPT with this section, please refer to the following message:
“I am working on the competitive research segment of my business plan and want to identify and analyze competitors. My professional offers [briefly describe your company]. My clients are [short description, adding geographic location, if applicable]. I would like the following to identify me:
Direct competition (companies offering products/services) and provide a brief summary of your strengths and weaknesses.
Indirect competition (companies that provide my product/service) and define their strengths and weaknesses.
Ambitious competition (companies that I don’t compete with lately but aspire to be) and what makes them successful.
Finally, can you identify market opportunities based on this competitive analysis? »
In this segment, you expand on your unique promotion proposition and how you will stand out from your competitors. As I tell budding entrepreneurs, a crowded market doesn’t mean you deserve to hesitate in trying, as long as you’re exploiting a hole. in that market. Here, you want to highlight the products and services, or aspects of the visitor experience that will make your business stand out. While this segment may be brief, it actually guides all aspects of your trading strategy. Here’s a link you can use to continue the previous discussion with ChatGPT:
“I’d like to work on the section of my business plan where I differentiate my business. My business offers [briefly describe your business], and I believe we stand out because [list the key factors that define your business, such as unique products, superior customer service, innovative technology, etc.] Can you help me refine this by comparing these differentiating factors against the strengths and weaknesses of the competitors we identified above? I’d also like to know how I can better highlight my unique value proposition in the marketplace, given what my competitors are offering.”
This segment provides a more detailed roadmap for how your company will execute your project and achieve your broader goals. How will you get from point A to point B on your map?You need to identify your goals and the key functionality signs (KPIs) you’ll use to gauge whether the business is succeeding at the journey level.
You can set both short- and long-term objectives, spelling out where you want to be in 1, 5, 10 years, etc. Goals should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound). Try this prompt:
“I’m working on setting SMART goals for my business plan. My business offers [brief description]. Could you help me formulate SMART goals for both short-term (6-12 months) and long-term (3-5 years) objectives? Make sure each goal is Specific, Measurable, Achievable, Relevant, and Time-bound. Can you also provide suggestions based on the following areas I want to focus on: [revenue growth, customer acquisition, product development, market expansion, etc.]? Also, can you create a list of any missing information that would help refine my SMART goals?”
To expand the goals and KPIs segment of your business plan, you can use this message:
“I’m working on setting Key Performance Indicators (KPIs) for my business plan. My business offers [brief description], and I’m focused on tracking progress in areas like [list areas, like revenue growth, etc]. Can you help me identify:
Any KPIs applicable to [the spaces indexed above]?
Are benchmarks or targets suggested for KPIs based on short-term (6-12 months) and long-term (3-5 years) objectives?
Also, briefly describe how I can use these KPIs to measure success and make data-driven decisions?”
The basic elements of your business’s financial plan are the income statement, cash flow projection, and balance sheet. This might be the least exciting part of your business plan, but it’s also one the most important. It proves that you’re not just presenting a back-of-the-napkin spark of an idea, but rather, a viable business.
ChatGPT can provide a template so that you can provide this monetary data in the clearest and most organized way possible. Here’s an idea to try:
“Can you provide me with a template that I can use to create a transparent and organized money plan for my business plan? »
This alone will generate a thorough template, but feel free to add any information to tailor the template to your business. As always, the more context you can give ChatGPT, the more refined and relevant the answer.
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