February 13th 2025.
Welcome back to our discussion about ChatGPT and how it can benefit your small business. In this second part, I want to share some helpful tips and tricks for using ChatGPT in your business. So, let's dive right in and explore some mechanical advice pointers.
In the first part of this discussion, I talked about our experience using ChatGPT in our small CPA firm. I listed out the tasks and projects that we have successfully used ChatGPT for. Now, let's move on to some useful tips that can help you get the most out of this AI tool.
Tip #1: Start Today
My first tip is to start using ChatGPT today. Don't wait any longer. Before you read another paragraph, open your browser and head to chatgpt.com. Once there, click on the Signup button and follow the simple on-screen instructions to sign up for the $20 a month option. This will give you access to all the features of ChatGPT.
Once you're signed up, start using ChatGPT instead of Google or Bing for your searches. You can ask it the same questions you would ask a friend, a co-worker, or an online forum. The more you use it, the better it will understand your business and provide accurate answers.
Tip #2: Use Detailed Prompts
While using ChatGPT, make sure to provide detailed prompts. Just like you would with a regular search engine, you can type in a simple question. However, with ChatGPT, it's best to provide more details. Typically, my initial prompt consists of 100 to 200 words. I provide background information, explain my understanding, and even cite sources like the Internal Revenue Code or Treasury Regulations. This helps ChatGPT provide more accurate and thorough answers.
Think of giving instructions to an entry-level employee or someone new to their job. That's the level of detail you want to use for ChatGPT as well.
Tip #3: Ask Follow-up Questions
Don't be afraid to ask follow-up questions when using ChatGPT. Sometimes, you may realize that your initial prompt wasn't precise enough. In such cases, feel free to ask ChatGPT for more information or clarification. Treat it as you would a human co-worker or professional.
Tip #4: Watch for Errors
While ChatGPT does an incredible job at providing articulate answers, it can still make mistakes. It's essential to be aware of this and watch for errors. If you do spot an error, you can explain to ChatGPT where it went wrong, and it will quickly agree. However, it's best to stick to topics where you have deep knowledge, especially for consequential discussions.
For instance, in the world of tax accounting, most small businesses can use a Section 199A deduction to avoid paying federal income taxes on the last 20% of their business income. However, this deduction is adjusted for high-income small business owners who don't pay enough in wages or work in a professional service. ChatGPT may not be able to work with these adjustment formulas, so it's best to avoid such topics.
Tip #5: Curate ChatGPT's Memory
As you use ChatGPT, it collects memories of your personal and business facts that may be relevant for future discussions. While these memories help ChatGPT provide better answers, it's crucial to manage and edit the information it collects. Some information may be incorrect, out of date, or too personal to use.
You can do this in two ways. First, you can tell ChatGPT to forget certain details. Second, ChatGPT may alert you when its memory is full (although this feature is not currently available). In that case, you can review its list of memories and remove any that are incorrect or too personal.
Tip #6: Use Attachments
Lastly, don't forget to use attachments while using ChatGPT. This feature allows you to include additional documents, such as tables or reports, for ChatGPT to analyze and provide answers based on them. This can be especially useful for complex or detailed questions.
In conclusion, these tips and tricks can help you make the most out of ChatGPT for your small business. Start using it today and see the difference it can make in your daily operations. Happy chatting!
Welcome back! Today, I want to continue our discussion about ChatGPT and its potential for your small business. In this post, I will be sharing some helpful tips and tricks for utilizing ChatGPT effectively. In case you missed it, in my previous post, "Using ChatGPT in a Small Business," I discussed how our CPA firm has been utilizing ChatGPT in our daily operations.
Tip #1: Start Today
My first tip is simple - get started today! Before you even finish reading this paragraph, I encourage you to open your browser and visit chatgpt.com. From there, click on the "Signup" button and follow the prompts to sign up for the $20 a month option. It's important to get started as soon as possible so you can begin reaping the benefits.
Once you've signed up, start using ChatGPT in place of your usual search engine, whether it's Google or Bing. Begin asking ChatGPT the questions you would normally ask a friend, coworker, or online forum.
Tip #2: Use Detailed Prompts
You may already be familiar with how to use a search engine like Google, and ChatGPT works in a similar way. However, to get the most out of ChatGPT, it's important to provide detailed prompts. Instead of simply asking a simple question, provide background information, explain your current understanding, and even cite sources if necessary. You can also give ChatGPT specific instructions, such as asking for links or a summary table.
Think of it as giving instructions to a new employee or someone who is new to their job. The more detail and instruction you provide, the better ChatGPT will be able to assist you.
Tip #3: Ask Follow-up Questions
Don't be afraid to ask follow-up questions! ChatGPT is incredibly human-like in its responses, so treat it as you would a human colleague. However, it's important to remember that ChatGPT is not limited by the same social norms as humans, so don't worry about asking similar questions in different ways.
Tip #4: Watch for Errors
While ChatGPT is highly articulate and provides accurate answers most of the time, it's important to be aware that it can make mistakes. Keep an eye out for any errors and be prepared to explain why you believe there may be an error. However, it's best to stick to topics where you have a good understanding to avoid any major mistakes.
Tip #5: Curate ChatGPT's Memory
As you use ChatGPT, it collects memories of your personal and business information. While these memories help ChatGPT provide better answers and reports, it's important to manage and edit this information. Some information may be incorrect or out of date, while others may be too personal to be used in ChatGPT's responses.
There are two ways to curate ChatGPT's memory. You can ask it to forget specific details, or you can wait for the feature to become available where ChatGPT will alert you when its memory is full. From there, you can review and remove any memories that are not accurate or relevant.
Tip #6: Use Attachments
Lastly, don't forget that ChatGPT supports attachments! This can be a helpful tool for providing additional information and context to your prompts. You can attach documents, images, or even videos to help ChatGPT better understand your question.
I hope these tips will help you get the most out of ChatGPT for your small business. Remember, don't be afraid to start using ChatGPT today and don't hesitate to ask for help or clarification when needed. Happy chatting!
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