Turning ChatGPT Gains Into Profits 💵

Capitalize on ChatGPT by turning productivity gains into profit growth

What ChatGPT Really Did For Small Business

In the last session we explored how to customize ChatGPT to get massive gains in productivity. Next, we'll go from productivity to profits, but first... Strategic background.

Before ChatGPT, if you wanted to use AI in your business you would have needed to hire a data scientist, you would have needed a huge mountain of high quality data, and the AI you built would only be useful to solve a very narrow problem. In short...

AI was only for big businesses with big budgets.

In the last two lessons we covered many examples of how powerful this tool is, and how much it can drammatically boost productivity. Two things are important to take away from all this:

1. Businesses that don't learn how to use ChatGPT, and other new AI tools, will fall behind and slowly fail.
2. Businesses that do learn to use ChatGPT effectively, have an enormous advantage even against big businesses.

Why?

Because in addition to being nimble, flexible, connected to the community, hyper focused, and relationship oriented, small businesses can now go just as fast as the big guys, because they have the same powerful, new AI tools, primarily ChatGPT.

As a small business owner, you are perfectly positioned to capitalize on the AI mega trend going on right now.

There's one important obstacle to overcome: Getting your employees using ChatGPT effectively and possibly learning how to use ChatGPT yourself if you want to be hands on and lead from the front.

That's the strategic landscape. There are also some risks worth considering:

• A hungry, nimble tech startup somewhere might try to use these same new AI tools to compete with you, the way Airbnb and Uber knocked out local hospitality and taxi services. The legal industry, software makers, and writing-focused businesses in particular need to watch out for this.
• Huge tech companies may become even more powerful as we all become reliant on these new AI tools.
• Progress in AI may be too fast for projects that take longer than a year or two to produce returns. By the time you create a new product, AI may have changed the game again.

As a small business, you know your customer better than anyone. Make sure you continue to cultivate those customer relationship. Even as the new tech startup or new AI tools arrive, your customers will look to you first, since you've spent the years to build up that trust.

If you learn to use the powerful new tools, starting with ChatGPT, and you stay closely connected with your customers, you'll be their most trusted and capable partner.

Let's return to your main focus: Using AI to grow your business.

Some Business Strategy Background

Alright, let's talk business strategy.

All small business growth stems from product (as opposed to sales or back office). The core value you deliver to your customer, the problem you solve for them, is at the very center of your business. All the money you make comes from the value you deliver to your customer.

Let's say your product is pretty mediocre, and your customer service is bad, and you decide to us AI to scale up your marketing and sales and publicize your mediocre product to the world... Pretty bad decision right?

So, product comes first. If the product is incredible, and the experience each and every one of your customers has is amazing from the moment they enter your store or visit your website, then your customers will rave about how great you are, refer their friends and coworkers to you, and your business will thrive.

Marketing and Sales come second.

Even if your product is amazing, you still have to make sure your target customers know you exist and are compelled to come check you out. Then in sales, you have to express to them that you know their problem inside out, that your product addresses each and every one of their concerns, and that you're a trustworthy group to do business with.

Having great marketing and sales means it costs you very little to get new customers.

Lastly and you know this, you need the handle the organizational stuff. You have to onboard staff and train them on how to perform all of the functions that make your business run, you have to keep tidy books and handle any legal issues. This is all the back office stuff.

So, your strategic priorities rank in order from Product to sales to back office.

This is review for most business owners, I know. So, with that background, let's talk about constraints to growth.

Identify Your Top Constraints To Growth

What might be all the things stopping you from growing you business? Let's make a list, and then identify the top priorities.

Time to grab a pen and paper » Keep in mind the strategic background we just went over and do the exercise listed here (or use the ChatGPT tool below).

1. Grab a pen and paper and make three columns with Product, Sales, and Organization as the column headings.
2. List out all the possible things stopping you from growing your business for each column.
3. Look through everything listed and try to circle the top one, two, or maybe even three things.

Solving the item(s) you circled should unlock tons of business growth! That's how you know it's your top strategic priority.

Use this Constraint Identifier or just pen and paper

The tool below will ask about your business, product, and constraints, help brainstorm with you, and produce a summary table for you at the end. If you need to, just tell it, Next Step, and it'll go to the next step.

Use A.I. To Make Time ⏳

If you're anything like me (small business owner, father, freediving instructor on the weekends), you have no time. You're working at 110%. Most small business owners who became our customers came to us strapped for time! You probably have no time... And, I have good news...

AI is all about time savings!

You're going to use AI, first, for the employees responsible for that top constraint to business growth, including yourself if needed. And, you're going to use it, as we learned in the previous session, on simple, high volume tasks.

If you can save even just one hour per day, that's 5 hours per week that can be reinvested in the top strategic priority for growing the business.

Let's work through 2 examples

Let's say for your business your top constraint is product quality. You get customers just fine, but you can't seem to keep them very long.

List all the people in your business responsible for customer fulfillment. Who is everyone at your business the customer interacts with from the point at which they swipe their credit card onward?

Now, what are all the tasks they do that consume a lot of their time? List them out, and identify which ones ChatGPT stands a good chance at handling. Then, test each one out and choose the most promising one or two, and build Custom ChatGPT Tools for each of them, accelerating that high volume work, and saving time.

The time you save here is to be immediately reinvested into addressing your product quality priority.

Now, let's say you work on this for a few months, you successfully boost product quality, and you start retaining customers much longer. Awesome!

Now, let's say the next constrint is sales. Your customers are happy and referring their friends but sales is just losing too many of those referrals.

Now it's time to get the sales and marketing folks together, use AI to automate some of their heavy workloads and reinvest the time to improve sales, making sure none of those referrals slip through the cracks.

Noticing a pattern? We're using AI to boost productivity, not randomly, but strategically for the purpose of reinvesting time saved where it matters most to your business growth.

That's the key. And that's how small businesses have become big businesses even before AI.

Invest time, or money, at the point of highest leverage to business growth.

Make more money to reinvest, et cetera, et cetera.

Ring the bell at the New York Stock Exchange.

Dance awkwardly on TV... Yay...

Let's not get carried away, we have some issues to handle before we celebrate 😄

Expectations, Incentives, Overload & Other Growing Pains

As you start to grow your business, especically if you have significant gains, problems will start to sprout from all directions... Be prepared, rather than surprised.

Let's say you have one of those massive gains, and your sales person can prospect and sell 5 times as many leads. If his salary doesn't change, and he's bringing in 5 times as many sales, he might be a little demotivated, and you might see that 5 times boost drop back down to where it was.

Or, let's say you get customer service going 3 times faster, but your customer service person gets overwhelmed handling triple the number of customers, and their work quality drops.

You may have to reset expectations with your staff at this new higher level of work output.

You may need to provide some financial incentives to keep up the good work.

Be on the look out. If one person boost productivity a lot, they're going to increase demands on other team members.

You may need new software or infrastructure on the back end to support a growing team.

These are good problems to have, but I want you see them coming ahead of time, and be prepared to handle them quickly when they arrive.

The A.I. Adventure Ahead

Let's sum up what we've learned and I'll give you my best prediction of the future too.

You learned to use Customized ChatGPT Tools for their strengths to boost productivity on high volume business tasks exactly where your business needs more time to unleash business growth.

This is the most reliable way we've seen for using AI to grow small business profits: Same customer problem to solve, same value add, just faster and better!

What's Next? A.I. Agents

ChatGPT is powerful, but it's still just a chatbot. It can't talk, present itself on video, make phone calls, send emails, or participate in work in the usual ways.

The next big thing will be AI Agents. Of course they may be called something else, but their function will be to work alongside human coworkers in the ways humans work:

• Participate in meetings.
• Communicate with Email, Slack, and so forth.
• Manage their time.
• Do remote work like building software, making content, or anything else that can be done remote and without a body.
• And of course, they can work 24 hours a day without getting tired.

AI Agents are already here in small ways, but we're going to see them arrive in full force within a few years... Let's take a guess here and say, by mid 2027. Get ready!

Goodbye & Good Luck!

That brings us to the end of this free training program.

If this has been valuable to you, we have a very easy, zero risk way of partnering with us to grow your business with AI. Here it is...

We would love to be of service and help you bring your business to the next level using AI! Reach out anytime, and it has been my pleasure to share my expertise and my learnings with you.

Good luck out there!