Information explaining what a BID is
How a BID works and the outline steps by which it is created.
Sevenoaks is generally regarded as a great place to live and work, often being in the top rankings of towns surveyed by national and regional newspapers and magazines. But it takes investments of all kinds to achieve that and if we rest on our laurels then that reputation could diminish.
All around us is competition, whether it be from neighbouring towns or the digital world and to do nothing is to go backwards.
At the heart of Sevenoaks is its businesses and for the town to succeed they need to prosper bringing in much needed revenue to power the town’s economy which in turns provides jobs, housing, leisure and a host of desirable benefits.
Since 2005 there has been a steady growth in BIDS across the UK. They are a vehicle through which income is derived through the business community to be spent by the business community on projects designed by the business community to drive growth in a local economy. To a large extent Sevenoaks has done well without a BID but it could be so much better in so many different ways if there was the investment to make those improvements happen.
We are aware that neighbouring towns have BIDS in place and are able to invest additional funds into their town centres which could put Sevenoaks at a disadvantage.
What is a BID
(Business Improvement District)?
It is a means by which businesses located in the BID area can enjoy a wide range of benefits as decided by the BID members to enhance their businesses in any number of ways. A BID is a vehicle by which a common fund is created through a levy.
A BID is a limited company independent of any other body (including Councils) where businesses have a voice in issues affecting their trading area. The levy money is ring-fenced for use only in the BID area.
• Training such as in customer care, first aid, social media etc
• Facilitated networking
• Enhanced marketing and promotion
• Assistance in dealing with councils, police and other public bodies
• Greater security
• Reducing business costs
• More cleaning
• Improved staff retention
Features of a BID are:
BUSINESS
It will cover a predominantly commercial area eg. a town or city centre, an industrial estate, or a commercial district.
IMPROVEMENT
It will not replace services provided through local taxes or rates, instead delivering either new or additional services or projects through a locally collected levy.
The Evolution of BIDs
Stages of BID development
Creating a BID is a complex process and expert guidance is required.
Sevenoaks Town Council has contracted leading experts, British BIDs, to work alongside to reach a successful conclusion.
BID development process
BIDs around us
