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UBERRISK..

The word UBER is of German origin originally meaning over or above.

The crossover of the word from German to English goes back to the late 19th century when, as happens with German words, it was prefixed to the word Mensch to form Ubermensch, and followed by George Bernard Shaw in his play Man and Superman.

Uber now often refers to ‘a bigger or better version’.

In 2010 the taxicab company, Ubercab received a cease and desist notice from the San Francisco Metro Transit Authority & the Public Utilities Commission of California. On the same day, it shortened the name to Uber.

But did Uber learn enough about their Risks?

A few days ago, Uber had its Licence to operate in London revoked by Transport for London.

Most companies or organisations, whose operations require a valid Licence to Operate (large manufacturing facilities, hospitals, restaurants etc.) know that the most important risk they face is loss of this licence.

It may be a low probability event but the consequences of it occurring are massive.

Uber has excellent technology. It delights its customers with costs and performance. But without the Licence to operate it is impotent.

All companies should regularly review their risks and take action to avoid or mitigate the critical risks. Uber may have focused too much on their technology and their share price and ignored their biggest risk. Having initially rejected the reasons for losing their licence they now, rightly, have offered discussions to recover it.

This change of approach will probably recover the situation but some damage to reputation and profitability will occur. Generally, albeit not always, lower risk leads to higher costs, but the longer-term outcome is always positive.

Tinderbox Business Development can support your company in reviewing all the important risks associated with your business and propose solutions to mitigate those that are seen to be too high. Contact us at: ignite@tinderboxbusinessdevelopment.co.uk or on 0116 232 5231.

David Beer

Tinderbox Partner

P.S Tinderbox does not employ Supermen but we do provide a wealth of experts (male and female) and Specialists, who each have hands-on experience in solving business problems and supporting SMEs grow and become even more profitable.

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