Artificial intelligence (AI) can be used across many aspects of business planning, improving the accuracy and efficiency of processes like inventory planning, logistics, financial and sales analysis and forecasting, and project management. Entrepreneurs looking to launch a new business can also use AI to their advantage in writing a business plan.
However, the specific roles and applications of AI in business planning can vary depending on the nature and requirements of the business or industry.
Key Takeaways
- AI can significantly improve the accuracy and efficiency of data analysis for business planning and help identify new sales and business growth opportunities.
- Incorporating AI in business planning can improve forecasting by offering predictive capabilities.
- Automation of repetitive tasks and processes, such as pulling data for analysis, is another benefit of using AI in business planning.
- Ethical considerations such as potential biases in AI algorithms, as well as technical limitations with AI algorithms, must be addressed in any AI-driven business planning.
Benefits of Using AI in Business Planning
Business leaders looking to use artificial intelligence for business planning can benefit from the insights and efficiencies it provides. Here are some of the ways in which businesses can use AI for different business planning applications.
Improved Accuracy and Efficiency of Data Analysis
As many machine learning algorithms are designed to recognize patterns and process a large quantity of data in relatively little time, they can spot trends and offer insights that might not otherwise be evident. This can help in analyzing and deriving insights from large volumes of customer, order, financial, or other business-related information.
Enhanced Forecasting and Predictive Capabilities
Also referred to as predictive analytics, the ability of AI to make inferences about future outcomes using existing data can be a huge asset across many different business areas. For example, the food service company Sysco uses AI for inventory management as well as warehouse and delivery logistics planning. Another impactful business application for predictive AI models is financial and inventory planning.
Automation of Repetitive Tasks and Processes
Any business planning workflow that currently includes a manual, rote, or repetitive task might be a good candidate for automation using AI. Examples might include pulling data into a spreadsheet for analysis, generating or formatting data, processing documents or information, or requesting approvals.
Identification of New Business Opportunities
AI can help identify new growth strategies and opportunities in marketing and sales. Using AI-enabled customer relationship management (CRM) software can offer insights on lead generation, upsell or cross-sell opportunities, and customer service strategies. It can also provide businesses with the data to better personalize their offerings and target different segments of their customer base.
AI Tools and Platforms for Writing Business Plans
Many generative AI tools and software platforms are available to assist entrepreneurs with the task of writing a business plan. Here is a list of popular AI-based business plan generators.
ChatGPT
Although not a dedicated business plan generator, ChatGPT is one of the most well-known and accessible generative AI tools. Users can prompt ChatGPT to quickly generate ideas, draft outlines or sections, and edit or make text suggestions.
However, any information that ChatGPT provides on things like market research may not be up to date or reliable. Any data and references should be double-checked to ensure both factual and contextual accuracy, and the writing should be reviewed to ensure it aligns with the writer’s desired tone of voice.
Although a free version is available, a paid subscription to ChatGPT Plus costs $20 per month.
Notion AI
Notion is an AI-enabled workspace and project management tool. Although it can be used for more than just generating a business plan, Notion offers both free and paid AI-supported business plan templates.
As an AI-powered productivity tool, Notion can help users quickly generate text as well as automate workflows and tasks. This makes it a useful option for those who wish to use it for individual and team project execution as well as planning.
However, for those who simply wish to generate a business plan, the platform may present a bit of a learning curve and require an investment of time to understand how to use it properly.
Notion has a free plan, but its paid plans start at $8 per month.
ProAI
ProAI is an AI platform specifically tailored to business planning, research, and strategy solutions. It has dedicated tools for generating business plans, financial models, and pitch decks, as well as an AI business advisor that users can consult. It can also guide users in raising capital, including suggesting investors, funding amounts, and approaches.
Users input their business information and goals and link their social media, analytics, accounting software, and other data to the program, and it learns and adapts accordingly. As such, ProAI is a good tool for those looking for accuracy and assistance with financial projections.
However, compared to other tools, ProAI can take considerable time to generate a business plan (up to several days, depending on the depth and level of customization required). There are also potential privacy concerns associated with the sensitivity of data being shared.
ProAI is one of the more expensive AI business plan generators on the market, with plans starting at $199 per month.
Simplified
Simplified is another workflow and productivity tool, with a suite of AI-powered programs to help users create all kinds of content, manage social media channels, and more. Their AI writing tool can offer suggestions and includes templates for specific types of business plans, from food trucks to real estate services.
Simplified’s business plan generator is geared toward solo entrepreneurs, small businesses, and startups. As it is easy to learn how to use, it is a good option for those who don’t want to invest significant time in understanding a new software. It can also generate different types of content, integrate with other platforms, and allow multiple users to collaborate, making it a useful tool for project management and execution.
However, the tool as a whole is not specifically designed for business planning, so it can be limited in terms of data analysis and industry-specific details.
Up to 2,000 words can be generated for free; after that, paid plans start at $11 per month.
Upmetrics
As a dedicated business planning tool, Upmetrics promises to simplify business planning with its AI-powered insights. It includes an AI assistant, a business plan builder with over 400 customizable sample plans, and a pitch deck creator. It also offers financial forecasting and templates to suit different business models.
Upmetrics can both generate and edit text, and users can adjust the tone of the content as well. It also offers users the ability to collaborate on documents, design cover pages, and drag and drop sections into the template.
Potential downsides might include privacy concerns around sharing financial and other business data, as well as relatively limited template options and customization options.
Upmetrics plans start at $7 per month.
| AI Tools for Business Plans | |||||||
|---|---|---|---|---|---|---|---|
| AI Tool | Pricing | Description | Text Generation | Text Editing | Collaboration | Business Plan Templates | Financial Projections |
| ChatGPT | Free; paid plan is $20/month | All-purpose generative AI chatbot | ✓ | ✓ | |||
| Notion AI | Free; paid plan starts at $8/month | AI-enabled workspace tool | ✓ | ✓ | ✓ | ✓ | |
| ProAI | Paid plan starts at $199/month | Dedicated AI business planning tool and business plan generator | ✓ | ✓ | ✓ | ✓ | |
| Simplified | Free for up to 2,000 words; paid plan starts at $11/month | AI-enabled workspace tool | ✓ | ✓ | ✓ | ✓ | |
| Upmetrics | Paid plan starts at $7/month | Dedicated AI business planning tool and business plan generator | ✓ | ✓ | ✓ | ✓ | ✓ |
How to Use AI in Business Planning
AI can be used for business planning at many different stages, starting from when the initial vision for the business is being created. Here’s how to incorporate AI into your business planning.
- Write a business plan with an AI business plan generator. Whether you use one of the generators mentioned above or one of the many other tools available online, AI-enabled writing programs can provide anything from a draft outline to a comprehensive document to work from. Don’t rely entirely on AI for a finished product, however; it’s important to review and check your business plan for things like accuracy, tone, and flow.
- Use AI-powered automation to improve your business operations. To optimize the day-to-day operating processes of your business, pinpoint any workflows that include manual, rote, or repetitive tasks, such as note taking, data entry, or transcription. Then seek out AI automation tools to save time, make the tasks more efficient, and reduce errors.
- Analyze your business data with AI. As your business starts to generate data, whether from leads, orders, sales, customer interactions, social media, or finances, AI can be helpful in capturing and analyzing it. In turn, this data can provide crucial information for making decisions about the future of the business in terms of both offerings and growth opportunities.
- Capture insights with AI to forecast, plan, and set goals. Predictive AI models can be a huge asset in business planning, helping entrepreneurs draw conclusions about future states of business based on historical and current data. While this has obvious applications for business financials, it can also be useful for consumer trend forecasting, customer service, and logistics and inventory planning.
Ethical Considerations in AI-Driven Business Planning
As with any AI application, using AI for business planning is not without ethical concerns.
It’s important to be transparent about the use of AI to both stakeholders and customers in order to maintain relationships of trust and accountability. It’s good practice to make it clear to customers when they are interacting with AI, as with an AI chatbot or a piece of writing generated by AI, for example.
It’s also important to communicate with stakeholders, employees, and decision makers about the reasons for choosing to implement AI in the business and how it will be used, monitored, and maintained so that the appropriate policies and oversight are put in place.
Understanding and communicating how any AI model is programmed and why is also an important accountability and ethics consideration. Many AI models have been shown to reproduce patterns of bias and discriminatory behavior when it comes to gender, race, and other aspects of identity. For example, fintech software algorithms have been shown to replicate historical behaviors of discrimination against marginalized and racialized individuals because those algorithms learn from historical datasets.
Future Trends of AI in Business Planning
As AI models improve and their applications become more mainstream, expect to see AI becoming a feature in all kinds of programs, from financial software to go-to office productivity suites. This will offer both easily accessible information and automation.
Businesses will be able to create ever more personalized offerings for their customers, thanks to AI integrations in CRM software that can draw insights from large volumes of customer data.
AI tools are also changing the competitive landscape of business and entrepreneurship by making previously specialized creative and technical skills like writing, designing, and coding more accessible.
Companies that nimbly adopt and develop strategies to use AI may unlock a significant advantage, though soft skills and a human touch remain as important as ever. A 2023 survey by software company Redpoint Global found that although 73% of consumers believe there to be a positive potential for AI in customer experience, 77% of consumers believe that positive customer experiences still require human interaction.
Can I Use ChatGPT to Write a Business Plan?
Among other types of content, ChatGPT can help users quickly generate a business plan by providing ideas, drafts, outlines, or suggestions. However, it’s advisable to review and validate any information that it provides to ensure it’s up to date and accurate.
Are There Free AI Tools for Writing Business Plans?
Many free generative AI tools, like ChatGPT, can assist in writing business plans. Notion and Simplified are examples that include business plan templates for specific types of businesses.
What AI Tools Can Be Used for Business Strategy?
Upmetrics and ProAI are two dedicated business planning AI tools that can provide research, strategy, financial forecasting, and presentation templates.
The Bottom Line
AI can contribute to better efficiency in business processes, identify opportunities for growth, and provide insights by analyzing large volumes of data, making it a great asset to business planning. However, it’s worth taking a step back before implementing any AI tool in business planning to assess where and how AI can have the most impact.
Just like any other digital tool or technology, AI should be used to complement and bolster existing and future workflows, and should be implemented with an eye to both strategy and accountability.
