Let’s all Pay it Forward for the future of British businesses

In times of crisis, we must all look at what we can do to support each other. As COVID-19 spreads in the UK, and we begin spending more time in doors, we are inevitably spending less money with small businesses. This is a challenge as these businesses need a regular flow of cash to pay salaries or rent, for example.

Over the past week the number of small businesses getting in touch to start Crowdfunder campaigns and for support through Enterprise Nation has risen sharply. Many are struggling with a snap downturn in custom which could see them go bust.

What can we do?

Crowdfunder are providing the tech and tools for small UK businesses to pre- sell their meals, events, hotel bookings etc. for cash now on a promise people can redeem the services at a later date. Meaning people can book and look forward to future activities while supporting their favourite small businesses to stay afloat. Crowdfunder will cover all platform and transaction fees. In partnership, Enterprise Nation will provide access to free training and support for business, to help with online sales, marketing, cashflow, and diversifying, if necessary.

How does it work?

It’s simple; small business; who may be worried about their future due to COVID-19, can set-up a Pay it Forward campaign offering customers the option to book meals, a room for the night or a ticket to an event now, based on a promise to deliver in the future.

Key take-aways:

  • Paying forward; asking your customers to spend a little now (while we’re all being told to stay inside) and redeem pints/ meals/ tickets/ merch later on

  • It’s free for all businesses in the campaign to fundraise, no Crowdfunder or transaction fees

  • Might not be the full solution, but could help relieve some short term cash flow issues

  • Start immediately and access cash raised quickly

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