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How Uber Has Impacted The Business World

How Uber Has Impacted The Business World

Uber is more than an alternative to a taxi service. It introduced the world to the feasibility of a new method of doing business, and about how a person can work within the world on their own terms. It has shifted a paradigm in a highly unexpected way, and the full impact of its presence may not be known for some time.

With that in mind, there are certain key points that have already become notable in the business landscape and are brought to the forefront by companies like Uber. Here is an exploration of how Uber has already impacted the world we live in, and one prediction of what may be possible for the future.

A Great App Is The Key

People are inundated with new apps on a daily basis through their app store of preference, so most users have learned to tell the difference between an excellent piece of software and a piece of rubbish. Part of Uber’s success is in the design of the app, with some users turning to Uber for rides multiple times a day. If the experience was more frustrating, users would have abandoned the platform for something new. Its popularity supports its solid design.

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That being said, Uber offers a service that people can use as well. Even the flashiest app won’t convince the masses to pay for something they don’t need…or, at least, not for long.

On the other side, a poorly made app may be a company’s downfall. Expectations regarding what can be accomplished in this area have skyrocketed, and customers are willing to abandon a loser when they see one. If you are looking to stay connected to your clients while they are on the go, you cannot afford to neglect your app. It just is not something you can ignore.

You Don’t Have to Own Anything to Win in Business

Uber does not own a single vehicle. Not one car, one truck, or one SUV. Uber serves as a platform for connecting those that do have vehicles with people who need rides, and that is basically it. The trick is, it does it well. The app allows drivers and riders to connect quickly, providing a precise time of arrival for each party. It also handles the financial side of the transaction, ensuring that payments are processed properly (for a small fee, or course).

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While a large company without any actual offerings may bring about memories of the “dot com” era of the 90s, Uber has found a way to make that work by offering the kind of service people didn’t realise was missing from their lives until it took the marketplace by storm.

With Clear Requirements, You Only Need to Provide Minimal Oversight

Uber driver requirements may be considered basic, but they are clear. Additionally, drivers set their own schedules, completely removing the need to manage the idiosyncrasies that come with having actual employees.

While the concept of connecting contractors, freelancers, or other forms of the self-employed is nothing new, this is another area where Uber takes the kinds of precautions necessary to provide everyone with a minimum level of security without having actually to hire drivers themselves.

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You Don’t Even Have to Explain Your Pricing in Entirety

While Uber does explain how its base rates are applied, allowing a person to estimate the cost of their ride, it does not fully explain the concept of “surge” pricing beyond the basics of supply and demand. Granted, Uber was chastised for charging higher rates during a blizzard based on this price model (and has since vowed not to take advantage of natural disasters), it has left its formula intact for predictable surges, such as after a large sporting event.

The Prediction: Uber May Help Determine the Success of Self-Driving Cars

If you want to see an example of a company that could seriously profit from the self-driving car, Uber would be one of them. While this would mean they would need to acquire the vehicles as business assets, it does help eliminate the costs associated with paying a driver.

Instead of only taking a cut of the fee for managing the transaction, Uber could keep the fee in its entirety. Depending on the selling price of the self-driving car, the math could actually work out in Uber’s favour as it will be able to maintain an entire fleet that does not have to sleep to keep an appropriate level of safety on the road.

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While this won’t be the only factor of the self-driving cars success (the general public would also have to be comfortable with the idea of using them), Uber could certainly make them feel more mainstream…and isn’t that half the battle for introducing new technology in the first place?

Featured photo credit: https://pixabay.com via pixabay.com

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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