A Business Improvement District (BID) a business-led and business funded body formed to improve a defined commercial area. A BID is an exciting and sustainable way to manage business areas. BIDs are increasingly being used by destinations such as ours to ensure that they are competitive both in marketing and managing their neighbourhood. The benefits of BIDs are wide-ranging and include:
Businesses decide and direct what they want for the area
Businesses 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 in to, and redistributed, by government
Increased footfall
Improved staff retention
Business cost reduction
Area promotion
Facilitated networking opportunities with neighbouring businesses
Assistance in dealing with the Council, Police and other public bodies
There are over 200 successful BIDs in the UK, generating around £300 million to improve towns and cities. Some examples of how BIDs have worked successfully in other areas can be found here:
If you would like to know more about BIDs in general visit this site.
