Thanks to all the eligible Godalming businesses who supported the creation of a Business Improvement District for the town. The team are delighted to announce that 69% by number and 63% by rateable value voted YES!
Click here for the formal declarationIf you are a levy payer and would like a copy of the Five Year Business Plan please click here
WELCOME
Business improvement districts are an effective way in which businesses can take control and improve their trading environment.
BID’s are funded and controlled directly by the businesses that pay for them. As a business, you choose which projects the BID fund is spent on.
Since 2004 when Government passed the Business Improvement Legislation, there have been over 300 successful BID’s in the UK, which over the next 5 years will generate over £100 million in investment.
THE BID AREA
• 290 Businesses
• £8.9m Rateable Value
• £179,000 potential BID fund
• £895,000 Raised over 5 years
IF YOU ARE UNSURE IF YOUR BUSINESS IS IN THE BID AREA, PLEASE GET IN TOUCH
BID TIMELINE
Feb to May 2023
Business Consultation
and Engagement
June 2023
Business Plan
Aug to Sept 2023
Campaign
October 2023
BID Ballot
FAQS
What are bids?
A BID is an arrangement whereby businesses get together to decide what improvements they want to make in their trading environment, how they will manage these and what it will cost them. This all goes into a business plan which is voted on by all those who would have to contribute. The BID lasts for a maximum of five years and must be able to demonstrate how a BID benefits the businesses that have funded it.
WHY DO BUSINESSES SUPPORT BIDS?
A BID is a mechanism which allows businesses to raise a sum of money to manage and deliver projects that they have identified to improve their trading environment.
WHO PAYS FOR A BID?
Based on the detailed business plan put together by the Task Group, the cost to each business is worked out on a pro rata basis. This is called the “BID Levy”. If the majority of businesses vote YES then ALL within the BID area have to pay. The BID levy is normally paid by the occupiers of a property. In addition BIDs can draw in other voluntary funding, grants and in-kind contributions to supplement the BID levy. The successful BID has a mandate for a maximum of 5 years after which the BID would need to seek a re-ballot.
BID support in the UK
Since September 2004, when BID legislation was introduced there have been more than 300 BIDs in the UK, which over the next five years will bring in more than £100 million of new finance to develop BID areas.
How does Godalming become a BID?
Normally a “BID Task Group” is set up which is responsible for putting together a detailed business plan setting out the projects it aims to deliver on behalf of the businesses in the BID area. This is based on a detailed consultation process with businesses.
A confidential postal vote is held, all the businesses that would pay the BID levy get a vote. To become a BID a majority of those that vote must be in favour by number and rateable value.
HOW IS A BID MANAGED?
The majority of successful BIDs are delivered through a company limited by guarantee. The BID Company is responsible for the delivery of the BID projects and services and directly responsible to all businesses through a board elected from those businesses that pay the BID levy.
HOW IS A BID MONITORED?
Like any good business plan, specific key performance indicators (KPI’s) are set and performance is monitored against the KPI’s by the BID board. The BID Company is answerable to the businesses that pay the BID levy and will be required to monitor and inform its members on its progress.
WHAT MIGHT A BID DELIVER?
It’s up to you. BIDs can deliver projects or services that are agreed by the businesses in the BID area (see map) and must be services and projects that are over and above anything that the Public Sector already provides. Before a BID business plan is produced all the services being delivered by the Local Authority are benchmarked and they must continue to deliver that level of service for the 5-year term of the BID. BIDs can deliver projects or services that are agreed by the businesses within the BID area. A few examples of projects and services that BIDs deliver are:
Reducing business crime
Additional. Police or PCSO’s, CCTV schemes
Reduce operating costs
Joint procurement of utilities, insurance, waste management contracts
Increased cleaning and greening
Additional cleansing of the town’s streets and floral displays
Marketing and promotion
Marketing campaigns to promote the destination and to develop its identity and increase visitor numbers
The important thing is that the BID is focused on delivering real projects determined by detailed consultation with all businesses in the BID area.
IF YOU HAVE ANY FURTHER QUESTIONS, PLEASE CONTACT US.
GODALMING BID NEWSLETTER
This is the BID newsletter with practical information and news surrounding the Godalming BID. This is where we will be answering your questions and keeping you updated as Godalming works together to become a Business Improvement District (BID). This is an exciting new project initiated by the Chamber of Commerce in Godalming.
For more information, please contact the
BID project manager, Kirsty Stancombe: