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What are the most common mistakes made by OR consultants starting a business?

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Operations research (OR) is a discipline that applies mathematical and analytical methods to solve complex problems and optimize decisions. OR consultants use their skills to help clients in various industries and sectors, such as manufacturing, logistics, health care, finance, and public policy. However, starting a business as an OR consultant is not easy, and many common mistakes can hinder your success and growth. In this article, we will discuss some of the most frequent pitfalls and how to avoid them.

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Himanshu Sharma

Capacity Planning at Revolut | ex - PwC, Cipla | MBA, IIT Bombay
Vasiliy Zamolotov

Manager (ex-SAS, ex-Accenture) | Operations Research | Data Science Lead

1 Lack of market research

One of the first mistakes that OR consultants make is not conducting enough market research before launching their business. Market research is essential to understand your target customers, their needs and preferences, their willingness to pay, and their expectations from your service. It also helps you identify your competitors, their strengths and weaknesses, and their pricing and marketing strategies. Without market research, you risk offering a service that is not in demand, not differentiated, or not competitive.

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Himanshu Sharma

Capacity Planning at Revolut | ex - PwC, Cipla | MBA, IIT Bombay
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Operations Research consultants are often highly skilled in technical aspects but may overlook the importance of business skills such as marketing, sales, client relationship management, and financial planning. Failing to thoroughly research the market and understand the specific needs of potential clients can lead to offering services that are not in demand or misaligned with market requirements

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2 Poor pricing strategy

Another common mistake is setting your prices too low or too high. Pricing is a crucial factor that affects your profitability, your value proposition, and your reputation. If you charge too low, you may not cover your costs, attract low-quality clients, or undermine your credibility. If you charge too high, you may lose potential customers, face more competition, or create unrealistic expectations. To avoid this mistake, you need to consider your costs, your value, your target market, and your competitors when setting your prices. You also need to review and adjust your prices regularly based on feedback and market changes.

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Himanshu Sharma

Capacity Planning at Revolut | ex - PwC, Cipla | MBA, IIT Bombay
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In setting up a pricing strategy for an Operations Research consultant, a detailed cost analysis is essential, understanding all business expenses to determine a baseline for pricing. A fixed-plus-performance pricing model can be effective, where base fee is charged for services, supplemented by performance-based bonuses linked to the results achieved. Another effective strategy is the gain share model. This model is particularly interesting as it aligns the consultant's rewards with the client's success. Here, the consultant's fee is a proportion of the savings or increased revenue that results from their work. This approach is appealing in scenarios where clients might be hesitant to invest heavily without seeing tangible outcomes first.

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3 Ineffective marketing

A third mistake is not investing enough time and resources in marketing your business. Marketing is vital to raise awareness, generate leads, and build relationships with your potential and existing clients. However, many OR consultants neglect marketing or rely on word-of-mouth alone. This can limit your reach, your visibility, and your growth opportunities. To avoid this mistake, you need to develop a marketing plan that defines your goals, your target audience, your unique selling proposition, and your marketing channels. You also need to measure and evaluate your marketing efforts and improve them based on the results.

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4 Lack of networking

A fourth mistake is not networking enough with other OR professionals and relevant stakeholders. Networking is a powerful way to learn from others, share best practices, find mentors, partners, or collaborators, and access new opportunities. However, many OR consultants isolate themselves or focus only on their clients. This can reduce your exposure, your knowledge, and your influence. To avoid this mistake, you need to actively participate in online and offline OR communities, events, and forums. You also need to build and maintain relationships with people who can support, refer, or hire you.

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Ralf Sablowski

Operations Consultant & Mentor ? Industrie-Bau ? Fabrik-Transformation ? Werkstatt-Gestaltung ? Areal-Entwicklung ? Produktions-Optimierung ? CAPEX ? OPEX ? LEAN-Manufacturing ? Industrie 4.0 ? Interim Management
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Um die Vernetzung im Bereich des Operational Research zu st?rken, sind folgende Ma?nahmen besonders effektiv: 1. Interdisziplin?re Workshops: Regelm??ige Zusammenkünfte von Fachleuten aus verschiedenen Bereichen f?rdern den Austausch von Ideen und die Entwicklung gemeinsamer Projekte. 2. Digitale Vernetzung: Die Nutzung von Online-Plattformen erm?glicht einen schnellen und globalen Austausch von OR-Experten, um Herausforderungen und L?sungen zu teilen. 3. Praxisorientierte Zusammenarbeit: Die Kooperation zwischen Forschungseinrichtungen und Unternehmen in konkreten OR-Projekten f?rdert die Anwendung von Methoden in realen Gesch?ftsszenarien und verbessert die Zusammenarbeit zwischen Forschung und Praxis.

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5 Poor time management

A fifth mistake is not managing your time effectively. Time management is a critical skill for any OR consultant, as you have to balance multiple tasks, projects, and clients. However, many OR consultants struggle with prioritizing, delegating, or saying no. This can lead to stress, burnout, missed deadlines, or lower quality. To avoid this mistake, you need to plan your schedule, set realistic goals, track your progress, and use tools and techniques that can help you optimize your productivity and efficiency.

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Ralf Sablowski

Operations Consultant & Mentor ? Industrie-Bau ? Fabrik-Transformation ? Werkstatt-Gestaltung ? Areal-Entwicklung ? Produktions-Optimierung ? CAPEX ? OPEX ? LEAN-Manufacturing ? Industrie 4.0 ? Interim Management
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Hier mal 3 Ideen, wie Zeitmanagement effektiver gestaltet wird 1. Klare Zielsetzung und Projektplanung: Setzen Sie klare Ziele und erstellen Sie einen detaillierten Projektplan mit Meilensteinen, um einen strukturierten Ablauf sicherzustellen. 2. Effektive Kommunikation und Teamarbeit: Etablieren Sie regelm??ige Teamkommunikation, um den Fortschritt zu besprechen und Hindernisse frühzeitig zu identifizieren. Effektive Teamarbeit erm?glicht eine optimale Aufgabenaufteilung. 3. Einsatz von Projektmanagement-Tools: Nutzen Sie spezialisierte Tools wie Trello oder Asana, um den Fortschritt zu verfolgen, Ressourcen zu planen und Aufgaben effizient zu delegieren. Projektmanagement-Tools bieten klare übersichten und f?rdern die Organisation.

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6 Lack of continuous learning

A sixth mistake is not keeping up with the latest developments and trends in OR and your industry. OR is a dynamic and evolving field that requires constant learning and updating of your skills and knowledge. However, many OR consultants become complacent or comfortable with their current level of expertise. This can limit your creativity, your innovation, and your competitiveness. To avoid this mistake, you need to dedicate time and resources to learning new methods, tools, and applications of OR. You also need to follow the industry news, research, and best practices that can enhance your service and value.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Himanshu Sharma

Capacity Planning at Revolut | ex - PwC, Cipla | MBA, IIT Bombay
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Overemphasis on Technical Complexity: While OR consultants are often passionate about complex technical solutions, clients may prioritize practicality and simplicity. Overcomplicating solutions can result in reduced client satisfaction.

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Vasiliy Zamolotov

Manager (ex-SAS, ex-Accenture) | Operations Research | Data Science Lead
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Often OR scientists do not understand for whom and for which business department they solve the problem. It is important to take into account all the wishes of the person who will use the solution in the future. It is also important to integrate the solution into the planning process correctly. Otherwise, there is a risk that the decision will not take root.

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Ralf Sablowski

Operations Consultant & Mentor ? Industrie-Bau ? Fabrik-Transformation ? Werkstatt-Gestaltung ? Areal-Entwicklung ? Produktions-Optimierung ? CAPEX ? OPEX ? LEAN-Manufacturing ? Industrie 4.0 ? Interim Management
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Kurze Zusammenfassung von einem optimierten Zeitmanagement für einen OP-Berater Klares Ziel: Logistikprozessoptimierung in Operations-Research-Projekt. Detaillierter Projektplan: Strukturierte Umsetzung und effiziente Ressourcennutzung. Meilensteine: Regelm??ige überprüfung des Fortschritts und Kurskorrektur. Effektive Kommunikation: Klare Aufgabenverteilung und Vermeidung von Missverst?ndnissen. Erfolg: Termingerechte Fertigstellung mit optimierten Logistikprozessen.

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What are the most common mistakes made by OR consultants starting a business?

1

2

3

4

5

6

7

1 Lack of market research

2 Poor pricing strategy

3 Ineffective marketing

4 Lack of networking

5 Poor time management

6 Lack of continuous learning

7 Here’s what else to consider

Operations Research

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What are the most common mistakes made by OR consultants starting a business?

1

2

3

4

5

6

7

1 Lack of market research

2 Poor pricing strategy

3 Ineffective marketing

4 Lack of networking

5 Poor time management

6 Lack of continuous learning

7 Here’s what else to consider

Operations Research

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