Business improvement districts are an effective way for businesses
to take control of and improve their trading environment
Felixstowe Business Improvement District (BID) was formed in 2021 after a majority of businesses voted in favour of the initiative, which will see business-led investment of up to £600,000 over five years.
The BID represents 280 Businesses in a defined zone which stretches along the seafront, through the town centre and some adjacent streets.
The aim of the BID is to enhance the trading environment for those businesses, improve the appearance and appeal of the town and invest in a marketing campaign which will all result in increased footfall, dwell and spend.
As a recognised representative of local commerce, the BID can also seek additional grant funding, lobby on behalf of business owners and work to hold the local authorities to account on their responsibilities.
The BID can also offer business support, share intelligence and best practice with the aim of making all of our businesses stronger.
Felixstowe BID is a member of the Eastern BIDS Network, British BIDS and Suffolk Chamber of Commerce and supports those bodies in their national campaigns and lobbying Government to ensure the voice of business is heard at the highest levels.
Who we are and what we do
Felixstowe BID is a not-for-profit organisation that is funded by a mandatory levy on businesses in a defined zone covering the seafront and town centre. It will invest the levy money on projects that enhance the trading environment, increase footfall, dwell and spend. Felixstowe BID was established in April 2021 after a ballot of business owners returned a majority vote in favour of the initiative.
BIDs are funded and controlled by the businesses that pay for them and deliver projects over and above services already funded by the local authorities. Felixstowe BID has a board of directors that represents every sector of the town's economy, is geographically well-dispersed across the BID zone and meets quarterly. A smaller executive management group meets weekly, and a manager is responsible for the day-to-day running of the company.
The BID company
The BID company oversees the productivity and management of the fund just as any business would, by measuring performance against key performance indicators, also called KPIs.
Felixstowe BID wants our businesses to flourish and to provide our valued customers with an incredible experience.
Business Improvement Districts explained
BIDs are arrangements in which businesses come together to decide which improvements are needed in their particular destination. Members of the BID pay a levy in order to have a say in how the fund is used to increase footfall and fix problems in their commercial area. BIDs deliver projects and services in addition to the ones already provided by public bodies that govern those areas.
ADD
