As Artificial Intelligence (AI) has rocketed into our awareness and is becoming part of many people’s everyday lives, many of us are still working out how to adjust our businesses and workflows with these amazing (and scary) new tools. No doubt, such tools as Chat GPT will pretty quickly become as commonplace is social media, file sharing and internet searching. In our work here at The Business Plan Company we are seeing the good and bad of AI for business plan creation, from our clients and within the team.
For business planning right now, AI is a useful tool, but is a long way from replacing expert human input. We have clients that have been sending their versions of “business plans” created by chat GPT and they are not good: narrative has been non-existent, formatting terrible, inconsistent and not tailored to the specific business and business owner. These plans would struggle to convince in finance applications, investor pitches, government or other authorities.
However, these tools are here to stay, so here are my thoughts on how to get the most of AI tools in business planning.
Treat is as a tool only
AI is useful for parts of the planning process, not to write the whole document. AI speeds up processes by accessing a wider range of data than we can, but it isn’t always 100%, so use the results as a starting point for your own further development and editing.
Check the references.
Any business planning research should source reliable, well researched data that can be referenced in the document. Don’t just rely on what AI spits out, but check the sources and do your own research to validate and find actual references.
Write in your voice.
I can see Chat GPT content straight away. There are particular styles, formats and spelling that identify it, so if you include in your plan as copy-and-paste, an external audience will see it too and your plan will immediately lose credibility. AI-generated business plans can lack the specific nuances and personal touch that reflect the unique vision of the business. Investors and stakeholders may perceive an AI-generated plan as less credible or thoughtful than one crafted by experienced professionals.
Edit any output so it’s consistent with local spelling and grammar formats (Chat GPT is American English), your personal voice and company styles.
Don’t check your brain at the door.
As AI tools are very easy to use, it’s easy to become reliant on them and lose your own enthusiasm to apply critical thinking, which will lead to a lower-quality output. The point of business planning is not just to spit out a document, but to carefully research and strategise, applying high levels of rigour to the process. Chat GPT won’t do that.
Throw out the cookie cutter.
AI often relies on pre-set frameworks and may not deviate significantly to create highly customised or unconventional plans. If you are in a niche industry then you are unlikely to get high quality results. Every business plan and owner is different, so make sure that your plan is actually built for your business, not just an average of what else is on the internet. AI lacks the ability to strategically evaluate or question assumptions, which could lead to unrealistic goals or oversights. Also it may not fully account for factors like local regulations, cultural nuances, or specific competitive landscapes.
Find the tools that work for you.
New AI applications are coming quickly, so explore, test and evaluate those that suit your needs best, for specific tasks within the planning process.
Integrating AI into business planning not only enhances accuracy and efficiency but also it can also equip your business with cutting edge tools; it can be beneficial, but it comes with some drawbacks. While AI can be a useful tool for generating ideas and structuring business plans quickly, it should complement rather than replace human expertise. The most effective business plans often involve a blend of AI efficiency and human creativity, insight and strategic thinking.
