WHAT IS A BID?
A Business Improvement District (BID) is an elected business-led initiative where businesses and organisations, within a defined geographical area work collaboratively to raise funds collectively. This sort of initiative provides a financial resource to help the trading scene in an area, enriching the businesses found there.
GRBID's Aims And Goals
Improved Staff Retention
Reduced Business Costs
Enhanced Marketing And Promotion
Facilitated networking opportunities with neighbouring businesses
Assistance in dealing with the Council, Police and other public bodies
A BID PROPOSAL
A BID proposal sets out to identify how these benefits could be applied to the area. This is achieved through consultation with businesses and organisations in the proposed BID area, along with rigorous discussion. At the end of this consultation process all eligible business ratepayers within the defined area will be entitled to vote on the proposals in the plan, having a chance to get their voices heard in the decisions being made.
More than 50% of the number of voters must be in favour of the BID proposal; and
More than 50% of the combined Rateable Value of voters must be in favour.
If A BID is voted in all businesses in the geographically defined area will need to contribute with a levy payment. In essence, independent businesses work together for the good of their area, all pitching in to make it into a better place for themselves, customers, and residents alike.
A BID term is 5 years, as this ensures that the organisation is able to adapt to the evolving challenges they face, while also enabling new businesses to have their voices heard. It also gives the BID a chance to reflect and assess their success over the term itself.