You want to save money and still keep up the quality, right? Well, it’s like this: you can make more cash without putting in extra effort. It’s just basic economics. But here’s the thing: every move you make has consequences, and you don’t want any surprises messing things up.
Instead of just slashing things randomly, why not let ChatGPT give you a hand? It can help you figure out what’s worth investing in and where you’re throwing away your money for no good reason. With ChatGPT’s help, you can keep your business quality top-notch and your customers happy, all while making more money.
Check out these ChatGPT prompts to review what’s happening in your business and find ways to save money that actually make a difference. Just copy, paste, and tweak the square brackets in ChatGPT. And don’t forget to keep chatting in the same window so everything stays clear.
Reduce your business costs with ChatGPT: make optimal decisions
#1 Assess the ROI
Deciding what’s worth keeping and what to ditch isn’t always a walk in the park. Calculating the return on investment (ROI) for every dime you spend means dealing with tracking, stats, and tons of data. Plus, you might not have all the numbers handy. That’s where ChatGPT comes in. Just tell it your goals, where your money goes, and any info you have about your customers. It’ll help you figure out what’s making the biggest impact at different stages of your sales process and put numbers on the ROI, so you can feel confident about where you’re putting your resources.
PROMPT:
“Act as a business analyst and simulate a discovery session where you help me cut costs. Open by asking me to share where my business spends money. Ask probing questions until you have a complete picture. Then, ask me how my customers find us, with follow up questions that ask for data, either from marketing metrics or anecdotal. Finally, help me analyze these areas to identify where I can reduce costs without lowering quality, focusing on understanding the return on investment for each expense and customer source. Keep asking questions, one at a time, to pinpoint where I can save money and still keep my customers happy and engaged.”
#2 Identify the simple tasks
You might be shelling out cash for tasks that could easily be handled by AI. But here’s the thing: you need to figure out what those tasks are. So spill the beans to ChatGPT about everything your contractors are doing. This way, you can brainstorm how technology could streamline these tasks and save you some serious dough. With the AI tools out there today, you can still make a big impact without needing as many hands on deck. Challenge your team (and even your suppliers) to think outside the box and find ways to swap out their routine work with artificial intelligence. This way, everyone gets motivated to hop on the AI train and make things simpler and cheaper.
PROMPT:
“Draft an email to [name] in my team, who [describe their role], encouraging their exploration and adoption of AI tools. Emphasize the importance of identifying tasks that can be automated or streamlined through AI, allowing us to focus on more strategic and impactful work. Highlight that this initiative aims to enhance productivity and is not about replacing them. Encourage them to think innovatively about applying AI in specific areas such as [specify areas, e.g. customer service, data analysis, content creation], and to share their ideas on integrating these technologies into our daily operations. The email should be no more than two paragraphs and convey an informal, optimistic and inclusive tone, emphasizing the benefits of AI in expanding their capabilities and ensuring we remain industry leaders.”
#3 Make business simpler
You’ve probably heard of Pareto’s law: 80% of your results come from 20% of your efforts. But here’s the twist: the same principle can apply to your costs. In other words, 80% of your expenses might only be contributing to 20% of your income. That’s a lot of unnecessary spending. So, let’s get back to basics with your business. Find out what your customers truly want and focus on delivering that in the simplest way possible. Cut out all the extra stuff and the expenses that come with it. By simplifying your approach, you’ll streamline your revenue generation and get better results.
PROMPT:
“Initiate a coaching session to simplify business operations: Begin by using what you know about my business to define its purpose using first principles and understand what my customers truly want. Help me delve deep into customer needs, preferences, and pain points to gain clarity on the core value we provide. Once we’ve identified these essentials, assist me in evaluating our current business processes and expenses to pinpoint areas of complexity and unnecessary costs. The goal is to streamline operations and focus on delivering value in the most straightforward and efficient manner possible, potentially making dramatic cuts in our offering. Provide guidance on simplifying our approach to revenue generation and results delivery, emphasizing the importance of cutting out fluff and complexity to achieve greater effectiveness. Ask questions one by one.”
#4 Cut unnecessary expenses
You’re probably leaking money in places you don’t even realize. But a lot of business owners don’t bother to plug those leaks. Those monthly subscriptions and small expenses might seem insignificant on their own, but they can really add up over time, draining resources from more important areas. And don’t forget about the energy you’re putting into things that aren’t giving you much in return.
Let’s start with the easy fixes. Most banking apps show you pie charts of where your money’s going. While you definitely shouldn’t be sharing your bank statements with just anyone, you can use ChatGPT to analyze those pie charts and get some fresh ideas on how to trim costs.
PROMPT:
“I’m uploading a [pie chart analysis/list] of expenditure categories in my business. Use this information to begin asking me about our expenses, with questions posed one-by-one, to encourage me to think critically about what is absolutely necessary. Encourage me to assess whether each expense aligns with our core business objectives and contributes significantly to our success. Based on best practice of the most efficient modern companies, guide me in identifying areas where we can potentially reduce or eliminate expenses without compromising essential operations. The goal is to foster a proactive mindset towards cost management and ensure that every expenditure serves a clear purpose in advancing our business goals.”
#5 Optimize supplier contracts
How long have you been working with your suppliers, and are your contracts still up to date? My guess is probably not. Over time, relationships can weaken, details can slip through the cracks, and what you originally agreed upon might not be happening as expected. It’s time for a contract check-up. Find your service level agreement (SLA) and let ChatGPT quiz you on it. Then, compare what was promised with what you’re actually getting. Use this information to renegotiate your deal or make sure you’re getting everything you bargained for.
PROMPT:
“Review this service level agreement with a supplier to help me optimize our supplier contract. Begin by analyzing the agreement to understand the services promised and the terms outlined. Then, quiz me on the details of the agreement to ensure alignment with our expectations and the supplier’s performance. Ask me questions to compare the agreed-upon service levels with the actual delivery and identify any discrepancies or areas for improvement. Based on this evaluation, provide guidance on renegotiating the contract to better align with our needs and objectives, or addressing any issues with the supplier to ensure we receive the value we expect. The goal is to optimize our supplier relationships and maximize the value we receive from each partnership.”
Summary
Use these tips to spend your money wisely and hold onto more of what your business earns. Don’t throw your hard-earned cash at anything you don’t absolutely need. Look at the return on investment (ROI) for every expense and find the easy tasks that could be automated.
Simplify your business by starting from scratch and building up smartly. Trim unnecessary costs by taking a hard look at where you’re losing money, and make sure your supplier contracts are optimized to get the best results. With just a few smart moves, you could take your profitability to a whole new level.
