Business Improvement Districts (BIDs) are becoming very common in the UK. The majority of BIDs are in town centres but there are a growing number in industrial areas. So why consider having a BID in your area?
BIDs are formed to deliver services over and above what the Local Authority does. They are not there to replace those services.
So why have a BID?
- Businesses decide and direct what they want for the area
- Business are represented and have a voice in issues affecting the area
- BID levy money is ring fenced for use only in the BID area – unlike business rates which are paid into, and redistributed by, government
- Increased footfall
- Increased staff retention
- Area promotion
- Networking opportunities with neighbouring businesses
- Assistance in dealings with the Council, Police and other public bodies.
Do they work?
- It’s important for BIDs to measure performance to demonstrate to levy payers the improvements it is making to an area
- Many BIDs commit to formal targets
- It can be difficult for a BID to demonstrate their role in improvements that may be the result of BID efforts in combination with a number of other factors, for example: a reduction in crime in the area, or cleaner streets
- Businesses within the area get a say in how the BID is managed and what it delivers on, so that when the renewal time comes round (5 years) they say whether the BID has been a success or not by voting in favour or against.
So having a BID can improve the appearance of the area as well as increasing business in that area.
More information on BIDs can be found at www.britishbids.info