How to Get Started with AI for Business Strategy (Without Overcomplicating It) #S12E1

ChatGPT Masterclass - AI Skills for Business Success

This is Season 12, Episode 1 of the ChatGPT Masterclass: AI Skills for Business Success.

Are you interested in using AI to improve your business strategy but unsure where to start? Many business owners want to use AI but feel overwhelmed by all the possibilities. In this episode, we’ll break it down into a simple, step-by-step process that you can start using today.

By the end of this episode, you’ll have a clear understanding of how AI can assist in strategic decision-making and a practical first step you can take right away.

This season is all about using AI to build and refine your business strategy step by step. Over the next ten episodes, you’ll learn how to use AI to gather market insights, identify business opportunities, prepare strategy meetings, and track execution. By the end of this season, you’ll have an AI-powered system for business strategy that saves time and helps you make better decisions.

AI is changing the way businesses operate, but you don’t need advanced AI models or expensive software to benefit from it. The key is to start small, build from there, and let AI assist rather than take over your decision-making.

For example, instead of spending hours researching your industry, AI can summarize reports for you in minutes. Instead of brainstorming business ideas alone, AI can help generate new perspectives based on existing market data.

Let’s start by walking through a simple way to use AI for strategy right now, even if you’ve never used AI for business decisions before.

Step 1: Identify a Strategy Question You Want AI to Help With

Before using AI, decide what kind of business strategy insight you need. Here are some common questions AI can help with:

• What are the key trends in my industry right now?
• Who are my biggest competitors, and what are they doing differently?
• What are some new business opportunities I should explore?

Pick one of these questions, or come up with your own.

Step 2: Use ChatGPT to Get an Instant Business Analysis

Now, open ChatGPT and enter this simple prompt:

"I run a small B2B business in Pennsylvania, US. Can you summarize the key trends shaping this industry in 2024?"

If you want more specific insights, refine the prompt:

"I run a small fitness studio in California. What are three major trends in my industry that I should pay attention to?"

Step 3: Dig Deeper Into the Insights

Once ChatGPT generates a response, don’t just accept the first answer. Ask follow-up questions to get more specific insights:

• Can you provide sources for these trends?
• How can a small business take advantage of this trend?
• Give me three examples of businesses successfully using this trend.

This will turn AI’s general response into a more useful strategic insight for your specific business.

Step 4: Use AI to Compare Your Business to Competitors

Next, ask ChatGPT:

"What are my biggest competitors in the fitness industry, and what strategies are they using?"

Follow up with:

"What are three things my business can do differently to stand out?"

This helps you identify potential gaps and opportunities in your market.

Pro Tips and Common Mistakes

One of the best ways to get good insights from AI is to be specific with your prompts. Instead of asking:
"What’s happening in my industry?"

Be more detailed:
"What are the top three emerging trends in the boutique fitness industry for small gyms in the US?"

This will generate more tailored insights for your business.

A common mistake is expecting AI to make decisions for you. AI can provide analysis, insights, and suggestions, but it’s up to you to interpret the information and make business decisions.

Instead of asking:
"What should I do next in my business?"

Ask:
"What are three potential strategies I could consider for growth, and what are the pros and cons of each?"

This way, AI helps you evaluate different options rather than making blind recommendations.

Practical Takeaway

Your challenge for today:

1. Pick one business strategy question you need help with.
2. Enter it into ChatGPT using the prompts from this episode.
3. Review the response, ask follow-up questions, and extract useful insights.

This will help you start using AI in your business strategy today without feeling overwhelmed.

Call-to-Action

If you found this useful, subscribe to the podcast so you don’t miss the next episode, where we’ll use AI to identify business opportunities and revenue streams you may not have considered yet.

AI is a powerful assistant, and this season will show you step by step how to make it work for your business strategy.

See you in the next episode!