How to Use AI to Increase Profits

2 prompts to turn ChatGPT into a management consultant for FREE

#9

Before I became a solopreneur, I worked for years as a management consultant and product developer. It was my job to help CEOs solve problems.

Since becoming a solopreneur, I’ve missed having junior consultants on my team who could help me solve problems. So I learned how to use ChatGPT like a consultant.

ChatGPT is unbelievably powerful, but it only provides valuable insights if you prompt it in a specific way.

That’s what I’m going to show you today.

2 prompts, that when used together can provide 80% of the value a $100k consultant can. 🤯

Let’s get into it.

How AI works (very simply)

If you’re like me, you’re one of the 180 Million users of Open AI’s ChatGPT. I use it every day now.

ChatGPT is just one type of artificial intelligence. It is a Large Language Model (LLM). LLMs work by ingesting a ton of information from many different sources, finding connections between those sources and then identifying patterns between the connections.

When you ask an LLM a question, it very quickly searches it’s network of connections, spots a pattern and projects it onto your problem as a solution. This is why you sometimes get wacky answers.

The trick with using an LLM effectively is to prompt it to act in a specific way AND to give it just the right amount of information.

If you don’t prompt it with specific enough instructions for your circumstance, you’ll get generic, unhelpful answers. If you give too much info, it will give only the most obvious answers.

LLMs, simply.

Knowing that you’re a bootstrapped entrepreneur that works in the DTC space, I created a prompt just for you.

The result from these 2 prompts is stunning.

The output is very similar to a $40k consulting project I worked on 6 years ago. Do it twice and you’re at $80,000 in value.

I’ll give it to you for free!!!

Just do me a favor and send it to a friend :)

Why it matters

When you are bootstrapping a company, or building without investment, where you place your time and money is top priority. You and I both want to know we’re spending time on things that will make our profit go up, so that we can do this longer.

If you’re a creative-type you might have trouble seeing which of your many projects are the highest yield.

If you’re a straight-line-execution-type, you might get too down in the weed to see the bigger picture.

This prompt solves for both.

The Prompts.

Below the instructions you’ll find 2 prompts. I wrote these based off the 4 principles in the Profit Formula.

Once you have finished prompt #1, use prompt #2 to get an actionable project plan.

Steps

  • Step 1. Open whatever you like to take notes in.

  • Step 2. Copy and paste the entire prompt from this newsletter into your notes.

  • Step 3. Wherever there is an equals sign “=”, add in your company’s numbers.

  • Step 4 Wherever there are parentheses () replace the text in italics with your company’s projects. It’ll look like this. If you don’t have something, just say “None”.

    Before your responses.

    With your changes in red for effect.

  • Step 5 Copy and paste the whole prompt including your answers into ChatGPT. (I’ve tried this with Google Gemini and isn’t nearly as good).

PROMPT #1

You are a strategy consultant who has a deep understanding of profit generation, process improvement and strategic planning. Your aim is to help bootstrapped Direct to Consumer entrepreneurs increase their profit. Below you will find relevant details for the hero product or service for this business.

Business Name: (your business name)

How we make money: (one sentence)

Customers: Total number of customers in the last 12 months =

Traffic: Daily web traffic =

Conversion: (average conversion rate of new visitors)

AOV: Average order value of 1 purchase =

Add-ons: (Current add ons that are prompted)

Bundles: (current bundles that are for sale)

Frequency - Average frequency of purchase for one customer per year =

Limited time offers: (Current limited time offers; sales or product drops)

Subscriptions: (Current products or services that can be bought as a subscription and their prices)

Margin - Average margin, or profit that you make on a single sale =

Price range: (range of prices of things you sell)

Lower expenses: (Your most significant expense)

Revenue Goal for the next 12 months =

Personal salary goal for the next 12 months =

Current total employees =

If you require any more information, ask one question at a time.

Provide answers using concise wording with markdown syntax for readability.

You may need to refine it with a little back and forth. Provide more context if you need to.

Once you’re set, in the same chat, move on to Prompt #2.

PROMPT #2

Excellent. Pick the two highest yield projects and create a detailed project plan that includes task, subtasks, timeline and responsibilities in a chart format. Identify where capital spend will exceed $1000 and a timeline for potential payback of investment. Make it easy to copy and paste into a software like Notion.

How to apply it.

You should get something like this. Specific strategic insights tailored to your company.

And a high-level project plan to get you on the path quickly to implementing those projects.

If it makes sense, then go for it! Start implementing!!!

Also tell me if it works for you. Hopefully you’ll extraordinary value from it.

Transfer the project plan into your task management software and get after it friend! The space between where you are right now and consistent, sustainable profits is smaller than you think. You might only be a few strategic steps away.

I want you to profit, cause I WANT YOU TO WIN!

Catch you next week with another simple strategy to help increase profit.

-Nate

Whenever you’re ready, I help bootstrapped entrepreneurs increase their profit in two ways.

  1. If you need a consultant beyond what you can get from AI, the 1-hour, 1-on-1 might be right for you. These are best for businesses in the launch stage, usually under $200k in revenue. It’s amazing how much we can get done in an hour.

    Book your call here.

  2. Make your business more profitable, peaceful and resilient with Simple Strategies Coaching. A cross between coaching and consulting, it includes 2 major deliverables and 12 weeks of 1-on-1 coaching with Nate. These are best for more complicated businesses that are scaling, usually between $200k and $1.5M.

    Book a call here. 

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