Increasingly, towns, cities and high streets are considering a business improvement district (BID) as a financially sustainable regeneration mechanism for their place.
Led by businesses, with the support of local authorities and other key stakeholders, their popularity continues to increase as businesses become more comfortable with the concept of BIDs, become more aware that the public sector cannot afford to support town centre regeneration as it used to and become more determined to take control of their own futures.
At Revive & Thrive, we have developed a full BID Feasibility service that will help your town, city or high street establish if a BID is viable, desired and possible. This complements the work we are already doing to develop BIDs where demand has been established as well as our work with existing BIDs helping them to deliver on their business plans. [dropshadowbox align=”right” effect=”lifted-both” width=”300px” height=”” background_color=”#ffffff” border_width=”1″ border_color=”#dddddd” ]A BID not right for your town or city? Not ready in your development to consider a BID? Take a look at our Town Centre Management Outsourcing Service[/dropshadowbox]
We can offer a fully tailored BID Feasibility package depending on what stage of the journey your particular place is at. This can include all or some of the following elements and the first stage for us it to sit down with you and your relevant stakeholders to establish just what you are looking for:
- An analysis of business needs and desires, and visitor needs and desires which could form the basis for a BID business plan.
- An assessment of how the wider community, for example residents and voluntary sector, can be positively involved in the BID process.
- A financial feasibility assessment including levy revenue options and potential additional income streams.
- Consideration of baseline services and how services provided by a BID may complement or enhance those services.
- An assessment of the impact on the local council internal services such as legal and revenues services.
- An action plan with timescales for moving towards BID implementation should that be considered feasible.
- Recommendation for resources to be allocated to implementing that action plan to enable swift and successful BID implementation.
BID Feasibility Proposal
Revive & Thrive will produce a comprehensive feasibility study on the development of a BID for your suggested BID area (to be jointly agreed at project inception and refined as a part of the study) comprising, but not limited to, the factors below. Additionally, and as a part of the overall study, Revive & Thrive will also address factors such as:
- Retail and general business mix in the target area along with vacancy level analysis and opportunities to improve both
- Inward investment opportunities for the proposed BID area
- An analysis of the proposed BID area
- Other options for future development, investment and improvement, should it become apparent that a BID is not the most appropriate way forward
Our comprehensive service can include all of the following elements:
A business needs analysis will be carried out comprising the opportunity for all businesses within the target area to respond to a series of surveys which will analyse general opinions on a BID, priorities for potential levy payers, suggested thematic areas of work and proposed projects that a BID could deliver.
In order to make the survey results both representative and statistically significant, we would ensure that the business surveys for each area are able to be completed both electronically and manually and that businesses would be visited to encourage their input.
An assessment of how the wider community, for example residents and voluntary sector, can be positively involved in the BID process.
Revive & Thrive will carry out an analysis of how the wider community currently engages with your proposed BID area and will also seek to address the needs and desires of other sections of the community, from residents, workers and visitors to the public and third sectors. This will be done by establishing where these groups are and once again by carrying out a survey, promoted via local elected officials, social media, local press and other appropriate forums.
Where appropriate, a member of Revive & Thrive can attend public meetings of the local council to garner support and gather feedback and this will be reinforced through Revive & Thrive’s extensive reach and experience in social media platforms and via its access to the UK’s primary database of media professionals.
The feasibility study will also set out various ways in which the wider community could continue to be involved with a BID beyond the ballot stage.
A financial feasibility assessment including:
- Direct BID levy revenue options
- Additional income potential from voluntary contributions and other income generation methods
Working in partnership with the Local Billing Authority Revenues Department, we will draw up a draft database covering the proposed BID area. This will include identification of postcode data and cleansing of the Revenues database to make it suitable for potential BID purposes. Previous experience has shown that this is a very specific piece of work which will have major potential benefit in the further development of the BIDs. From this, we will set out potential BID levy percentages for each, as well as minimum/maximum payment options.
Analysis of BID boundaries will be included as a part of the financial feasibility, as the boundary would be inextricably linked to possible income levels and we will provide appropriate boundary options for a proposed BID.
We will also make initial recommendations & suggestions with respect to possible voluntary contribution opportunities and other income opportunities, from relevant public funding streams to “sales” income as well as suggesting options for costs reduction for potential BID levy payers.
Revive & Thrive works alongside a number of businesses that can provide income generating opportunities from the hiring of public space to digital marketing solutions and these options and opportunities will be laid out as part of the final feasibility report. Equally, it has a partnership with a business costs reduction company that can demonstrate to potential levy paying businesses how they can offset the cost of the levy.
Consideration of baseline services and how services provided by a BID may complement or enhance those services.
In partnership with the local billing authority and any other local government bodies as appropriate, as well as other public sector bodies such as the Police, we will identify those services currently provided by the local authorities within a proposed BID area, draw up baseline service request templates and feed the results into the overall feasibility study, in doing so identifying where a BID might enhance existing services, where there is a current lack of provision which a BID might address as well as identifying opportunities where a BID might actually propose incorporating a Council service into the BID function.
We would also identify best practice from other BID areas/local authorities to suggest what a post-BID operating or service level agreement might look like.
An assessment of the impact on the local council internal services such as legal and revenues services.
Using our experience of working with BIDs in other local authority catchment areas, we will make recommendations for securing Council support at the appropriate levels for a BID including Executive/Cabinet level approval. This will include a draft analysis of financial implications to the Council (along with recommendations for payment models) for the BID itself as well as any levy payments that the Council may incur. This, again, will be produced based on our experience of how BID arrangements are handled by other local authorities.
Consideration of options and structures for a BID company, together with recommended options.
As a part of the feasibility study, we will provide an overview of how comparable BIDs are set up across the country, highlight the strengths & limitations of each and give our professional opinion on the most advantageous way for any new BID to be established.
This would include an analysis of potential BID Board structures, advice on how to recruit the most effective Board of Directors and how the BID could be managed.
An action plan with timescales for moving towards BID implementation should that be considered feasible.
We will produce a full timetable for progression towards BID, should the feasibility demonstrate sufficient desire for this.
This will include legal deadlines, consultation timetable and a suggested programme for the ballot period itself.
Recommendation for resources to be allocated to implementing that action plan to enable swift and successful BID implementation.
Based on Revive & Thrive’s extensive experience, we will provide recommendations for next steps for any potential BID.
Assuming that a desire to proceed towards BID status is identified, this would include the likely financial
implications to the local billing authority of providing further support to a proposed BID area, an overview of the time and in-kind resource that would also be required and recommendations for how the local authority could meet these considerations to allow a proposed BID to flourish.
This would be agreed at an inception meeting, be subject to regular reporting and be delivered within the agreed project timescales to the full satisfaction of the client.
The advantages of working with Revive & Thrive
Revive & Thrive has established a fast-growing brand that gets great recognition every day through expert management of social media, other platforms and networking opportunities. Revive & Thrive has a growing suite of initiatives and relationships, which will be incorporated into the final feasibility study as examples of what BIDs could deliver for their target areas.
In addition to the stated methodology for delivering a feasibility study, Revive & Thrive offers the following additional benefits:
- Marketing – through its partnership with the Nation’s leading media platform for UK journalists, Revive & Thrive can offer unparalleled access to written, radio and TV professionals, as used by 68 of the FTSE 100 and by 143 of the top 150 PR firms in the country. The company currently has a social media following of around 20,000.
- The Revive & Thrive Partnership – a unique partnership of professional support encompassing town centre and BID experts from across the country, as well as a wider knowledge base
- The Revive & Thrive Business Group – Revive & Thrive is uniquely positioned to offer the best, most up to date products and services for town centres and high streets at highly competitive prices
- Time4Towns – an innovative model that enables businesses and residents to engage with their place “from couch to consumer”. T4T brings together a range of technologies, tools and techniques into one overarching town centre solution that can be tailored to the needs of your individual location.
- Nationwide best practice – Revive & Thrive has existing relationships with BIDs and communities across the country and is trusted both personally and as a brand by many of them
- Multi-centre experience – Revive & Thrive can offer the expertise of delivering a successful BID ballot across multiple centres, drawing together distinct but linked high streets under a common vision for the future
- Having individuals who have spent many years working in the BIDs arena for local authorities, third sector organisations and BID companies themselves, Revive & Thrive has first-hand experience of the pitfalls, obstacles and routes to success needed when initiating, developing and delivering BIDs
- Innovation –Revive and Thrive are committed to action, we work quickly, passionately and cost effectively. We
employ the latest business models around sponsored networking and content provision. Our belief in what can be achieved by working together means we make membership, events, newsletters and our industry leading PR service available free. Innovation is at the heart of what we do, from sourcing new technologies and techniques which have a direct impact on high street renewal, to methods of engagement with businesses and residents, curating content and creating a story that people want to be a part of.
- Through the unique way that Revive & Thrive is structured, it can offer a sense of the range of possibilities achievable with a BID or BIDs, by highlighting the range of products and services available to BIDs via its partners in both the Business Group and Partnership
Other BID Services
Revive & Thrive also offers the additional BID services to existing BIDs, business partnerships and local authorities:
From consultation and business planning to marketing and balloting for your developing BID as well as company set up, Revive & Thrive’s extensive experience in the BIDs arena makes us the ideal partner to move your BID from concept to reality.
BID Project delivery
Whether your new or existing BID needs to identify projects to deliver to satisfy your levy payers or you want to outsource an entire element of your BID programme, talk to us about how Revive & Thrive can support you in achieving your BID’s aims and demonstrate regular success and impact to your most important stakeholders.
Revive & Thrive can help you to identify how successful a particular project or initiative has been or evaluate your BID as a whole for annual reporting or reballot purposes.
Talk to us about when you need to start preparing for your second or third term, how to demonstrate the successes and highlights of your current BID and everything you need to consider in the run up to and during your key reballot period.
For more information contact Matthew Powell via firstname.lastname@example.org or call 0333 012 4285