A Business Improvement District (BID) is a business-led and business funded body formed to improve a defined commercial area. The role of a BIDs is:
- To be funded through BID levy – once a ballot is successful the levy is a mandatory fee applicable to all eligible businesses above the threshold set in the BID proposal.
- That businesses decide and direct what they want in their area.
- That businesses are represented and have a voice in issues affecting their trading area.
- That BID levy money is ring-fenced for use only in the BID area.
- To increase footfall.
- Help to reduce business costs.
- Enhance marketing and promotion.
- To guide in place shaping vision activities.
- To facilitate networking opportunities with neighbouring businesses.
- To assist in dealing with the Council, Police and other public bodies.
Discover THE BENEFITS OF a BID
- In the UK, most BIDs exist in town and city centres, however they are also in industrial, commercial and mixed-use locations.
- The BID mechanism allows for a large degree of flexibility and as a result BIDs can vary in shape and size.
- The average size of a BID is 300-400 hereditaments, with some of the smallest having fewer than 50 hereditaments and the largest at over 1,000.
- Annual income is typically £200,000-£600,000 but can be as little as £50,000 per annum and as much as £2 million+
- BIDs were first established in Canada and the US in the 1960s and now exist across the globe, including in South Africa, Germany, Japan, New Zealand and Australia.
- Legislation enabling the formation of BIDs was passed in 2003 in England and Wales (with subsequent regulations published in 2004 and 2005 respectively) and in 2006 in Scotland.
HOW Poole BID works
Poole BID was established in 2016 and successful in 2021 for a further five-year term through a ballot of local businesses.
This initiative is an innovative way to encourage our businesses to work together in order to design, plan, manage and deliver our Business Plan to take Poole forward over the BID term.
Within a defined area a levy of 1.5% is charged on all business rate payers in addition to the business rates. Poole BID activities are funded by this levy which is based on the rateable value of the premises.
Smaller businesses pay less, and larger businesses pay more but each contribute the same percentage. Together a fund is created and the money is invested in the BID area of the town centre and Quay on collectively agreed projects and initiatives to improve the trading environment.
Our business owners in Poole know better than anyone what needs to be done to improve the town. We welcome feedback about what people think the priorities should be during the term of the BID. The business plan aims to reflect those priorities. Businesses were asked to comment on the plan before it went to a vote to ensure that it accurately reflected their thoughts to increase Poole’s vitality for all. This plan has now been adopted and will be delivered by the BID Board on behalf of the town until 2026.
The Importance Of Poole BID
- Marketing and Promotion: Our extensive marketing initiatives and events will help shine a spotlight on your business, connecting you with both loyal locals and curious visitors.
- Collaborative Endeavors: Engage with fellow business owners through networking events and partnerships, fostering a sense of unity and shared purpose.
- Voice and Representation: Through Poole BID, you have a platform to voice your opinions and contribute to the decisions that shape our High Street’s future.
- Support and Guidance: Our team is here to provide guidance, advice, and assistance to help you navigate the intricacies of operating in our town.
THE POOLE BID AREA
Have Your Say
Your feedback on Poole Town Centre is highly valued. If you have any suggestions on how we can enhance our town, please feel free to share your thoughts by leaving us a note.