Uber and Lyft could potentially reduce their cash burn by implementing a few strategies. First, they could reduce the amount of promotional discounts and driver subsidies they offer. While these incentives help attract customers and drivers, they also contribute significantly to the companies' cash burn. Second, they could focus on improving operational efficiency to reduce costs. This could involve optimizing routes, improving driver utilization, or leveraging technology to reduce overhead costs. Third, they could explore additional revenue streams, such as delivery services or corporate partnerships, to offset their operating costs. Lastly, they could consider raising prices, although this would need to be done carefully to avoid losing customers to competitors.
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