What is a BID?
A Business Improvement District (BID) gives local businesses the power to choose additional services that they want to benefit trading performance. These may include:
- extra cleaning and environmental improvements
- extra safety/security e.g. more police
- better marketing and events
- a stronger voice for businesses to lobby on key issues
Effective BIDs, are a partnership between a local authority and the local business community within a clearly defined commercial area. The BID will always provide services additional to those provided through council rates. Tthey also allow the businesses to choose how they want to see their money invested in that area to most effectively improve their bottom line.
Over 70 Business Improvement Districts have now been established across the UK. The South West already has BID companies in Bristol, Dorchester, Plymouth, Taunton and Truro. Many other towns are now going through the BID process.