What is a Bid?
- What is a bid?
- The importance of Poole BID
- How the BID works
- Proposed bid area
- Have your say
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What is a bid?
A Business Improvement District (BID) is a way for businesses in a defined area to decide and implement projects and initiatives that will help local businesses grow and thrive.
The Poole BID business plan can be viewed here. The local vote resulted in a majority of businesses in favour of the BID, and it will be funded through a statutory, small percentage levy based on the rateable value of each business.It works on a very simple principle where every business involved benefits and contributes equally. Smaller businesses pay less, and larger businesses pay more but each contributes the same percentage. Together a fund is created which has the power to make a difference.
By ensuring everyone contributes BIDs are fair and proven to be highly effective. Once the BID plan is agreed it becomes a legal document and all businesses will contribute. Each year the BID Company will publish an audit reviewing its delivery against the plan’s targets.
Currently there are over 300 BIDs in operation throughout the UK. Neighbouring BIDs often work together in order to support one another and support the town’s strategic aims. Over 90% of BIDs have been approved for a second term by an increased majority, and a handful have proceeded on to a third term.
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The importance of Poole BID
Competition and challenges for places such as Poole are clear.
Bournemouth, Castlepoint Shopping Centre, and Southampton are nearby competitors for Poole. This, coupled with the uncertain future of retail, means that action needs to be taken in order to futureproof our high street. Local Authority cuts mean that the public purse can no longer fund marketing and promotion of the area as it once could.
Poole has strong assets and opportunities that are currently undersold. It has a stunning waterfront along the Quay and boasts a proud maritime heritage. The proximity to Brownsea Island brings many tourists to the area, coupled with the charm of the old town and its architecture, the growth of the Dolphin Shopping Centre and the wealth of small independent businesses in the town centre make Poole an interesting and attractive coastal town that has plenty to offer.
Poole BID aims to increase awareness of what is available in the town to visitors and local residents alike. We endeavour to put on family friendly events throughout the year, support the training and development of local businesses, and be there for advice and guidance when we are needed.
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How the BID works
This scheme is an innovative way to encourage businesses to work together in order to design, plan, manage, deliver, and pay for a plan that reflects our priorities for taking Poole forward over the BID term of five years.
BIDs provide a great opportunity for businesses to reduce their costs as pooling together allows us to negotiate better rates for utility bills, trade waste, and insurance premiums.
Our business owners in Poole know better than anyone what needs to be done to improve the trading environment in 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.
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Proposed bid area
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We always want to hear from businesses in the BID area. Please tell us your views, ideas, suggestions and priorities so we can ensure that our business plan is meeting your requirements.
You can either:
Contact the BID manager, Justin Hundley-Appleton, via email info@poolebid.com or call 01202 308800
Alternatively, you can contact one of the BID Directors directly – all details can be found here.
Have your say
We want to hear from all 512 businesses in the BID area regarding the business plan and the BID’s development. Please tell us your thoughts, suggestions and comments so that these can be reviewed and taken on board by the BID Directors.