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Unlocking Strategic Success: Leveraging AI to Create Comprehensive and Effective Business Plans

The ability to plan strategically and adapt quickly in business can be the difference between triumph and trouble. As Warren Buffett astutely noted, “Risk comes from not knowing what you’re doing.”  This rings particularly true in today’s fast-paced world. Crafting a comprehensive business plan that charts your course to success is no small feat, and it’s where ChatGPT, a cutting-edge AI tool, steps in to lend a hand.

In a study conducted by Harvard Business Review, it was revealed that ‘companies with a well-defined business plan are 16% more likely to achieve growth.’ This statistic underscores the pivotal role of a meticulously crafted business plan in guiding your journey to success.

ChatGPT, developed by OpenAI, is not just another AI tool; it’s a game-changer for business owners, entrepreneurs, and managers. With its remarkable ability to generate human-like text, ChatGPT offers invaluable assistance in drafting various sections of your business plan, sparking innovative ideas, and refining your content.

Why does a business plan matter?

Think of it as your business roadmap. It clarifies your vision, outlines your goals, and details the strategies to achieve them. A well-structured business plan is crucial for communicating with stakeholders, attracting investors, and guiding your team. It lays out the steps your business needs to take to succeed and helps you navigate the challenges when they occur.

Today, we will explore how ChatGPT can revolutionize the way you approach business planning.  We’ll cover everything from the basics of a business plan to how you can use ChatGPT to optimize each part of your planning process. Whether you are a seasoned entrepreneur or just starting out, understanding how to leverage AI tools like ChatGPT in your business planning can give you a significant edge.

The Basics of a Business Plan: Your Blueprint for Success

Creating a business plan is an essential step for any entrepreneur or business owner. It serves as a blueprint that guides your business from the startup phase through establishment and growth. A well-crafted business plan articulates your vision and provides a roadmap for how to structure, run, and grow your new business. Let’s break down the fundamental components:

1. Executive Summary

The executive summary is a concise overview of your entire business plan. It should include:

  • Your business name and location.
  • The products or services you offer.
  • A brief description of your target market and competitive advantages.
  • An overview of your business objectives and how you plan to achieve them.

2. Business Description

Here, you delve deeper into what your business does. This section should cover:

  • The nature of your business and the needs it addresses.
  • Your business model (how you make money).
  • A snapshot of your industry, including market size and growth potential.
  • Information about your customers.

3. Market Analysis

In-depth market research is the cornerstone of your business plan. This section should demonstrate your understanding of the industry and market, including:

  • Industry description and outlook.
  • Target market analysis: demographics, size, and growth prospects.
  • Competitive analysis: Identify your competitors, their strategies, and their strengths and weaknesses.

4. Organization and Management

This part of the plan outlines your business’s organizational structure. It should include:

  • Information about the ownership structure (single owner, partnership, corporation).
  • Profiles of your management team, highlighting their expertise and experience.
  • An organizational chart that shows company hierarchy.

5. Products or Services Line

Here, you describe your product or service in detail. Focus on:

  • The benefits and features of your products/services.
  • The lifecycle of your products/services.
  • Any current or future research and development activities.

6. Marketing and Sales Strategy

This is where you define how you will attract and retain customers. This section should cover:

  • Your marketing strategy: How you plan to enter the market, promote your products, pricing strategy, and distribution channels.
  • Sales strategy: Sales tactics, sales team structure, and sales activities.

7. Funding Request

If you are seeking funding, this section is critical. Include:

  • Your current funding requirements and future projections.
  • How you plan to use the funds (e.g., capital expenditures, working capital).
  • A description of your future financial plans, like paying off debt or selling the business.

8. Financial Projections

Provide a financial outlook for the next five years. This section should have:

  • Forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets.
  • A break-even analysis.

9. Appendix

An appendix is optional but highly recommended for including:

  • Resumes of key executives.
  • Detailed market research data.
  • Product images or marketing materials.
  • Legal documents like business registration and patents.

Remember, a business plan is not a static document. It should evolve as your business grows and as new opportunities and challenges arise. Whether you’re using traditional methods or cutting-edge tools like ChatGPT, your business plan should be clear, comprehensive, and reflective of your business’s unique vision and goals.

Why You Need a Business Plan: A Roadmap for Success

Think of a business plan as your roadmap. Just as a map helps you navigate unfamiliar roads, a business plan guides you through the complexities of starting and growing your business. It helps you set clear goals, plan out your finances, understand your market, and foresee potential challenges. This roadmap is not just about avoiding obstacles; it’s about charting a course to your desired destination – business success.

Communication with Investors and Team Members

If you’re seeking investment, a business plan is essential. It’s the first thing investors will ask for. They want to see that you have a clear vision and a solid plan to make your business profitable. But it’s not just for investors. Your business plan is also a way to communicate your vision and strategy to your team. It helps everyone understand the business goals and their role in achieving them.

The Big Benefits of Having a Business Plan: Securing the Funding You Need

For many businesses, getting funding is crucial. Whether it’s a loan from a bank or an investment from venture capitalists, funders need to know that their money is in good hands. A well-thought-out business plan shows that you have done your homework. It demonstrates that you understand the market, have realistic financial projections, and have a plan to make a profit. This reassurance can be the key to unlocking the funds you need.

Keeping Your Business on Track

It’s easy to get sidetracked in the daily activities of running a business. A business plan keeps you focused. It sets benchmarks and milestones that help you measure your progress. When you know what you need to achieve and by when, making decisions and adjustments to your strategies becomes easier. Think of your business plan as a living document. As your business grows and the market changes, your plan can adapt.  This helps you stay the course on your way to your business goals.

So you see, a business plan is more than just a document. It’s a fundamental tool that serves as a roadmap, a communication channel, and a key to unlock funding. It keeps you focused and adaptable, guiding your business toward success.

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Becoming Familiar with ChatGPT in Business Planning

Artificial intelligence (AI) is revolutionizing how we approach all kinds of tasks, including business planning. ChatGPT offers significant assistance in this arena. Let’s jump into what ChatGPT can do to help with your business planning as well as understand its limitations.

What ChatGPT Can Do for Your Business Plan: Aiding with Writing and Ideas

ChatGPT shines when it comes to generating text and brainstorming ideas. If you’re staring at a blank page, and not sure how to start, ChatGPT can help kickstart your writing process. It can draft sections of your plan, from the executive summary to marketing strategies and operational plans. ChatGPT can also be a brainstorming partner, offering ideas and suggestions. For instance, if you’re unsure about the marketing strategies to include in your plan, ChatGPT can propose various options based on current trends and successful practices.

Types of Business Plans ChatGPT Can Assist With

ChatGPT’s versatility makes it a helpful tool for various types of business plans. Whether you’re working on a lean startup plan, a standard detailed business plan, or even a one-page pitch, ChatGPT can assist accordingly. It can provide industry-specific suggestions, help with market analysis, and even offer insights into financial planning. For entrepreneurs in niche markets, ChatGPT can aid in researching and formulating strategies tailored to specific sectors.

ChatGPT’s Limits: What It Can’t Do

While ChatGPT is a robust tool, it’s important to recognize its limitations. One key area where ChatGPT may fall short is in providing real-time, up-to-date market data. ChatGPT’s knowledge is based on the information it was trained on, and it doesn’t have the capability to access or retrieve real-time market data or news yet. This means that you’ll need to do additional research for the most current market trends and data.

The Value of Your Own Input

The most effective business plans combine AI capabilities with human insight. ChatGPT can provide a strong starting point, but your own knowledge, experience, and understanding of your business are irreplaceable. The insights you bring about your customers, your unique value proposition, and your personal vision for the business are things that AI currently cannot replicate. Your input ensures that the business plan is grounded, realistic, and truly representative of your business goals.

As a valuable tool, ChatGPT does serve in the business planning process, especially for generating ideas and drafting content. However, to create a comprehensive and effective business plan, it’s essential to complement its outputs with real-time market research and your own personal insights.

Creating Your Business Plan with ChatGPT

Moving forward in your journey of business planning, let’s now focus on how you can utilize ChatGPT to create an effective business plan. This tool can be incredibly helpful in drafting various components of your plan and in ideating creative business strategies.

How ChatGPT Helps You Write a Business Plan: Drafting Different Parts of Your Plan

ChatGPT can assist you in writing almost every section of your business plan. Need help with the executive summary? ChatGPT can draft it. Looking for assistance with the market analysis section? ChatGPT can provide insights based on its vast database of knowledge. From detailing your marketing strategies to outlining your operational plans and financial projections, ChatGPT can be your writing assistant. It can even help you articulate your business’s mission and vision statements in a clear and compelling manner.

Here are some example prompts to try:

  1. Crafting the Executive Summary:
    “Can you help create a concise and impactful executive summary for my business plan that highlights the key aspects of [Your Business Idea]?”
  2. Developing Market Analysis:
    “I need assistance in conducting a thorough market analysis for [Your Business Idea]. Can you provide insights and data to understand the market trends, customer demographics, and competition?”
  3. Formulating Mission and Vision Statements:
    “Could you guide me in writing clear and inspiring mission and vision statements that reflect the core values and long-term objectives of [Your Business]?”

Enhancing Creativity and Efficiency

One of the key benefits of using ChatGPT in writing your business plan is its ability to enhance your creativity and efficiency. Sometimes, all you need is a fresh perspective or a new idea to overcome writer’s block, and ChatGPT can provide just that. It can suggest innovative angles you might not have considered and provide examples or templates to get you started. This not only sparks creativity but also speeds up the writing process, allowing you to focus on refining and personalizing the content.

Here are some prompts to consider:

  1. Generating Creative Ideas:
    “Can you suggest some unique and innovative ideas for differentiating [Your Product/Service] in the market? I’m looking for fresh perspectives that can set my business apart.”
  2. Overcoming Writer’s Block in Business Planning:
    “I’m stuck on developing a particular section of my business plan. Can you provide some examples or templates for the [Specific Section] to help me get past this writer’s block?”
  3. Speeding Up Plan Development:
    “I need to streamline the process of writing my business plan. Could you assist me by drafting a quick outline or providing key points for sections like market analysis or operational strategies?”

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Crafting Great Prompts for Your Business Plan: Asking the Right Questions

To make the most out of ChatGPT, you need to master the art of creating effective prompts. This means being clear and specific about what you need. For example, instead of asking, “How do I write a business plan?” you could ask, “Can you provide an outline for a business plan for a tech startup focusing on green energy?” The more specific your prompts, the more targeted and useful ChatGPT’s responses will be.

Here are some examples:

  1. Requesting a Targeted Business Plan Outline:
    “Could you create a detailed outline for a business plan specifically for a tech startup in the green energy sector, including key sections like market analysis, funding strategies, and sustainability practices?”
  2. Asking for Specific Marketing Strategies:
    “I’m looking for innovative marketing strategies tailored for a mobile app focused on health and wellness. Can you suggest some targeted approaches and promotional tactics that would be effective in this niche?”
  3. Seeking Customized Financial Projections:
    “For a small online retail business specializing in eco-friendly products, can you provide a financial projection model that includes revenue streams, cost analysis, and break-even points?”

These prompts are designed to yield precise and relevant responses from ChatGPT, ensuring that the advice and information provided are directly applicable to your specific business needs.

Using AI for Brainstorming and Refinement

ChatGPT can serve as a brainstorming partner. You can pose specific scenarios or questions about your business, and then use its responses to further fuel your brainstorming sessions. For example, if you’re unsure about your marketing strategy, ask ChatGPT for suggestions on digital marketing strategies for small businesses. It’s remarkable at making recommendations.  Then once you have a draft of your plan, you can also use ChatGPT to refine and improve the language, making your plan more persuasive and professional.

To get you started, here are some example prompts:

  1. Brainstorming Digital Marketing Strategies:
    “Can you propose some creative digital marketing strategies suitable for a small business in the artisanal food industry? I’m looking for ideas that are budget-friendly and effective in reaching a niche audience.”
  2. Refining Business Plan Language:
    “I have drafted my business plan but need help in refining the language to make it more persuasive and professional. Can you suggest improvements for the executive summary section to enhance its impact?”
  3. Exploring Expansion Opportunities:
    “What are some potential opportunities for expanding a local boutique clothing store into online sales? I’m looking for ideas that balance innovation with practicality, keeping in mind our current customer base and brand identity.”

Once you start working with it, you’ll quickly see that ChatGPT is a powerful tool that can help you cover all parts of your plan —  from conceptualization to final draft, and spark creativity in your approach. Remember, the key to leveraging ChatGPT effectively is to ask the right questions and then use its responses as a base to build upon your unique business insights and strategies.

Planning Sessions with ChatGPT

Harnessing the power of ChatGPT for your business planning sessions can be a game-changer. By integrating this advanced AI tool into your planning process, you can streamline brainstorming, writing, and refining your business plan. Let’s explore how to conduct effective planning sessions with ChatGPT and some tips for working seamlessly with this AI tool.

How to Have a Great Planning Session with ChatGPT: Setting Up Your Session Goals

Before diving into a session with ChatGPT, it’s vital to set clear objectives. What do you aim to achieve in this session? Are you looking to flesh out a specific section of your business plan, such as market analysis or financial projections? Or are you seeking creative marketing strategies? Having clear goals will guide your interaction with ChatGPT and ensure that the session is productive. Write down your objectives and keep them in mind as you engage with the AI.

Brainstorming and Writing with ChatGPT

ChatGPT can significantly enhance your brainstorming process. Begin by providing your initial ideas or questions. For instance, if you’re working on the competitive analysis section of your business plan, you might ask ChatGPT about key factors to consider in a competitive landscape in your industry. As ChatGPT responds, use its suggestions to fuel further discussion and ideation. You can also write sections of your plan in real time during the session, using ChatGPT’s responses to guide and refine your content.

Give prompts like these a try:

  1. Identifying Key Factors in Competitive Analysis:
    “For the competitive analysis section of my business plan, what are the essential factors to consider when evaluating the competitive landscape in the [Your Industry] sector? I’m looking for in-depth factors beyond just pricing and product offerings.”
  2. Refining Real-Time Business Plan Content:
    “I’m currently writing the market opportunity section of my business plan. Can you provide insights or suggestions on how to articulate the market potential for a [Your Business Type] in a clear and compelling way?”
  3. Expanding on Initial Business Ideas:
    “I have a basic concept for [Your Business Idea] in the [Your Industry]. Could you help expand on this idea by suggesting potential unique selling points, target markets, or growth opportunities that I might not have considered?”

These prompts are structured to maximize the utility of ChatGPT in the brainstorming and development phases of your business plan, fostering a deeper and more comprehensive exploration of your business concept.

Tips for Working with ChatGPT: Getting the Best Out of ChatGPT’s Help

To make the most of ChatGPT, approach it with a strategy. Be specific in your queries and open to the diverse range of ideas and suggestions it offers. ChatGPT can provide a wealth of information, but it’s up to you to direct this flow in a way that benefits your planning session. Don’t hesitate to rephrase or refine your questions to get better results.

Combining Team Ideas with AI Suggestions

While ChatGPT is a powerful tool, the human element remains irreplaceable. Encourage your team members to contribute their thoughts and insights. Combining these with ChatGPT’s AI-generated ideas can lead to a richer, more comprehensive planning process. AI can offer data-driven insights and suggestions, while team members can provide industry-specific knowledge, customer insights, and creative input. This synergy between human creativity and AI’s analytical power can significantly elevate your business planning sessions.

Planning sessions with ChatGPT can be highly productive when approached with clear objectives and a collaborative mindset. By effectively combining the unique strengths of both human and AI inputs, you can create a well-rounded and innovative business plan.

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Using Advanced Tools and Steps

In this section, we’ll talk about how integrating advanced tools like AIRPM with ChatGPT can take your business planning to the next level. We’ll also walk through a straightforward 7-step guide to creating a comprehensive business plan with the help of ChatGPT.

Enhancing Your Plan with AIRPM and ChatGPT: Understanding AIRPM and Its Integration with ChatGPT

AIRPM, or Artificial Intelligence for Risk and Project Management, is a tool designed to assist in identifying and managing risks in projects, including business planning. When used alongside ChatGPT, AIRPM can provide an additional layer of analysis, focusing specifically on risk assessment and mitigation strategies. ChatGPT can leverage the insights from AIRPM to suggest more robust and risk-aware sections in your business plan. For instance, if AIRPM identifies potential market risks, ChatGPT can help draft a section in your business plan addressing these risks and outlining mitigation strategies.

Applying AIRPM to Various Planning Scenarios

AIRPM can be particularly useful in various stages of business planning. Whether you’re assessing the feasibility of a new product, planning for market expansion, or preparing for potential financial challenges, AIRPM’s insights can guide your strategy. By incorporating these insights into ChatGPT’s responses, you can ensure that your business plan not only sets ambitious goals but also addresses potential challenges with well-thought-out solutions.

A Simple 7-Step Guide with ChatGPT: Step-by-Step Approach to Business Planning with ChatGPT

Creating a business plan can be a structured yet flexible process. Here’s a simple guide to follow:

  1. Define Your Business Concept: Start by using ChatGPT to help articulate your business idea. Describe your product or service, your mission, and what makes your business unique.
  2. Market Research: Ask ChatGPT to help compile data on your industry, target market, and competitors. This information is crucial for understanding your market environment.
  3. Organizational Structure: Use ChatGPT to outline your business structure. Discuss roles, responsibilities, and the expertise of your team members.
  4. Marketing Strategies: Generate ideas with ChatGPT for marketing your product or service. This could include digital marketing tactics, pricing strategies, and sales plans.
  5. Operational Plan: ChatGPT can assist in drafting an operational plan, detailing your business processes, locations, and required equipment or technology.
  6. Financial Projections: While ChatGPT isn’t a financial tool, it can help you outline the structure of this section. For detailed financial analysis, integrate insights from financial planning tools or consult with a financial expert.
  7. Risk Analysis and Contingency Planning: Use AIRPM for risk assessment and ask ChatGPT to integrate these into your business plan, detailing potential risks and your strategies to address them.

Examples for Each Step

For each of these steps, ChatGPT can provide examples or templates. For instance, in the marketing strategies section, ChatGPT could offer examples of successful digital marketing campaigns in your industry, or suggest a template for laying out your sales process.

Combining AIRPM’s risk assessment capabilities with ChatGPT’s versatile writing assistance can result in a more comprehensive, risk-aware, and effective business plan. Following the 7-step guide ensures that all critical aspects of your business are considered and well-articulated.

Making the Most of ChatGPT for Your Plan

To ensure your business plan is comprehensive and effective, it’s essential to cover all aspects of your business and polish the final document. ChatGPT can be instrumental in this process, but it’s important to remember that its output should be fine-tuned to align with your specific business needs and standards.

Covering All Bases in Business Planning: Examining Every Aspect of Your Business

A thorough business plan examines every facet of your business – from your market to your financials. Use ChatGPT to explore various sections of your business plan, including market analysis, product or service description, marketing and sales strategies, operational plan, and financial projections. ChatGPT can help draft these sections, but you should supplement its output with specific data and insights about your business and industry.

Adapting Your Plan for Different Business Scenarios

Your business is one-of-a-kind, and your business plan needs to reflect that. ChatGPT can help tailor your plan according to the type of business (e.g., startup, small business, enterprise) and its size. For a startup, the focus might be more on market entry strategies and funding, while for an established business, it could be on expansion and scalability. Use ChatGPT to adjust the tone, content, and focus of your plan to suit your specific business scenario.

Polishing Your Plan: Revising ChatGPT’s Drafts

The drafts produced by ChatGPT are a starting point. It’s crucial to review and edit what ChatGPT writes to ensure it accurately reflects your business vision and strategy. This involves checking for accuracy, coherence, and relevance. Make sure the plan speaks in your voice and conveys your unique selling proposition effectively.

Ensuring Compliance with Business Standards

A good business plan not only reflects your business strategy but also adheres to industry standards. This might include the format of the plan, the details of the financial projections, and the thoroughness of the market analysis. After using ChatGPT to create a draft, it’s advisable to consult with a business advisor or mentor to ensure that your plan meets these standards and is ready to be presented to stakeholders, investors, or financial institutions.

Leveraging ChatGPT for drafting your business plan can save time and provide a solid foundation. However, it’s crucial to cover all aspects of your business comprehensively and tailor your plan to your specific situation. The final step is a thorough review and polish of the plan to ensure it meets professional business standards and effectively communicates your business strategy.

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Concluding Thoughts: Maximizing Your Business Potential with ChatGPT

As we conclude our exploration of using ChatGPT for business planning, it’s vital to recognize its role as a valuable partner in shaping your business strategy. ChatGPT offers substantial assistance in drafting, brainstorming, and refining various sections of your business plan. Its capacity to generate human-like text and provide a range of ideas and insights can significantly streamline the planning process, making it less daunting and more efficient.

However, it’s important to remember that ChatGPT is not a one-size-fits-all solution for all your business planning needs. It cannot replace the nuanced understanding of a business owner or the specific expertise of industry professionals. The tool operates within the confines of its programming and training, which means it lacks the ability to offer real-time market data or insights based on the latest industry developments.

To create the most effective business plan, it’s crucial to combine the power of AI with human expertise. Use ChatGPT as a starting point, a brainstorming partner, and a drafting assistant, but ensure that the final plan reflects your unique business perspective, goals, and strategies. Your clear vision, deep knowledge of your market, and smart planning are what make your business plan strong and useful.

In your journey of business planning, ChatGPT can be a valuable ally, but it’s your insight, adaptability, and personal touch that will ultimately drive your business toward success. So, leverage ChatGPT as a tool to enhance your planning, and let your business aspirations reach new heights.


ChatGPT for Business Planning FAQ

This FAQ section aims to address common questions and concerns about using ChatGPT for business planning, helping you understand its capabilities and how best to integrate it into your business strategy development.

Q1: What exactly is ChatGPT?

A: ChatGPT is an advanced AI language model developed by OpenAI. It’s designed to understand and generate human-like text, making it an excellent tool for a variety of writing tasks, including business planning.

Q2: How can ChatGPT help in writing a business plan?

A: ChatGPT can assist in drafting different sections of your business plan, such as the executive summary, market analysis, and financial projections. It can also help in brainstorming ideas, generating content outlines, and refining your written content.

Q3: Is ChatGPT capable of conducting market research?

A: While ChatGPT can provide general information and insights on market trends based on its training, it cannot conduct real-time market research. For up-to-date and specific market data, additional research is recommended.

Q4: Can I use ChatGPT to create financial projections for my business plan?

A: ChatGPT can help outline the structure of financial projections, but for detailed and accurate financial analysis, you should consult financial experts or use dedicated financial software.

Q5: Are business plans created with ChatGPT suitable for investors?

A: Yes, business plans created with the help of ChatGPT can be suitable for investors, especially if they are further refined and personalized with your specific business insights and data.

Q6: Is there a cost to using ChatGPT for business planning?

A: Using ChatGPT may be subject to the terms and conditions of OpenAI. Depending on your usage, there might be costs involved. It’s best to check OpenAI’s pricing and subscription plans for the latest information.

Q7: How user-friendly is ChatGPT for those unfamiliar with AI?

A: ChatGPT is designed to be user-friendly and intuitive, even for those who are not familiar with AI tools. Its conversational interface makes it easy to use for a wide range of tasks, including business planning.

Q8: Can ChatGPT help me if I’m new to writing business plans?

A: Absolutely! ChatGPT is an excellent tool for beginners in business planning. It can guide you through the structure of a business plan and help you understand what information to include in each section.

Q9: How accurate and reliable is the information provided by ChatGPT?

A: ChatGPT is trained on a vast dataset and can provide information that is generally accurate and reliable. However, it’s always good practice to cross-reference and verify the AI-generated information, especially for critical business decisions.

Q10: Can ChatGPT replace a professional business consultant?

A: While ChatGPT is a powerful tool for assistance in drafting and ideating, it does not replace the expertise and personalized advice of a professional business consultant, especially for complex and specific business challenges.

 


 

 


About Dianne Robbins:

Bio Picture of Dianne Robbins | Dianne Robbins Social

I’m a seasoned digital strategist with over 30 years in sales and marketing. My expertise spans from traditional marketing in the real estate and auto industries to innovative strategies in social media and digital marketing. As the head of Dianne Robbins Social, I focus on creating simple yet effective online strategies tailored to each business’s needs that drive business growth.


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