Can ChatGPT write you a good business plan?

I get this question all the time: Can ChatGPT write a good business plan?

I’ve been asked by students, fellow entrepreneurs, and customers alike. And let me tell you—opinions are all over the place.

Ask an AI enthusiast, and they’ll champion ChatGPT.

Ask a business consultant, and they’ll insist on the value of a human touch.

So, where do I stand?

Can ChatGPT write you a good business plan?

Yes.

But is it the ideal solution? I guess, it’s not.

ChatGPT is an incredible tool—no question about it. (We even use it for many tasks at Upmetrics.)

Our team recently put ChatGPT to the test with business planning, using it for tasks like financial forecasting, market research, and drafting plans.

(Check out our resources at the end for this newsletter.)

The results? Impressive, but…

I wouldn’t recommend ChatGPT to anyone seriously looking to create a full-fledged business plan.

Why?

Back-and-forth prompting: While ChatGPT can write a detailed plan, it often requires a lot of back-and-forth and rigorous prompting to get the desired result.

Limited visual capabilities: You can create accurate financial forecasts with ChatGPT, but it can’t generate visual reports, charts, or graphs the way a business planning tool can.

Document formatting: Even if you have all the text, organizing it into a professional, well-formatted document with visuals isn’t something ChatGPT can do.

Remember, I didn’t account for several critical features that dedicated business planning tools offer, such as version control, real-time collaboration, automated forecasts, and more.

Consider everything, and ChatGPT would fall flat on its face.

In short, while ChatGPT can deliver great content, it’s not nearly as efficient or comprehensive as dedicated business planning software.

Also, when I say ChatGPT’s response was great, I’m specifically referring to ChatGPT-4, which costs $20/month.

Compare that to a planning tool like Upmetrics, which starts at just $7/month, and I’d pick Upmetrics for business planning any day.