The lifespan of any BID is five years so, to continue as a BID, a renewal process must take place. The key stages required for the generation of a second BID Proposal and Business Plan and taking it to a vote echo many of those undertaken in the original development. However it will also be important to demonstrate the benefits following from the first BID and communicate these effectively to businesses if enthusiasm for a further BID is to be secured.
pfbb UK’s award winning renewed BIDs demonstrate what can be achieved by building on the work of the first BID. It is important that the new business plan offers fresh thinking and new projects that clearly reflect the issues that businesses face amidst the challenges of a new economic era and a dynamically changing world.