Are you involved in your local business association? Then we don’t need to explain to you the frustration of continually searching for funding to achieve your goals.
Business associations are always searching for funding. Tapping businesses on the shoulder with their hand out. Please, sponsor this. Support that. Contribute to this.
What a waste of time that could be spent making things happen. Not to mention how this drains businesses’ enthusiasm for being involved.
It doesn’t have to be that way.
Establish a Business Improvement District and become financially sustainable
What is a Business Improvement District?
Imagine a diverse group of businesspeople working on projects to improve their suburb or town.
They have money to make things happen. They have some staff to coordinate efforts. There’s lots of people working together to make good things happen for the benefit of the whole community.
That’s a Business Improvement District. Often called a BID, for short.
What makes a BID different to a traditional business association? Unlike business associations, BIDs are financially sustainable. BID are funded by a yearly contribution from every business within a set area. This is achieved through a targeted local government rate.
They’re very popular in the United States, the UK and Singapore. And we now have almost 50 in Auckland, a growing number in Wellington, and more in regional centres like Kaitaia and Hamilton. Business Lab been involved with over 35 of them, including setting a few up from scratch.
Create a financially sustainable business community with a smart strategic direction
Our experience in strategy will help your business community focus on meaningful long-term goals with simple steps to move forward in the right direction. After our BID process, you’ll have a set of agreed priorities, some clear next steps and a sustainable financial structure that sets you up for success.
“We weren’t sure if we needed somebody external to help.”
We hear this a lot.
Your business is humming, so why should you need external help to get your business community working well together?
The reality is these processes can be tense.
Everybody has different agendas. There often isn’t a collaborative working culture. People aren’t used to working together for the interests of the whole business community.
Having an independent party to facilitate and mediate makes a huge difference. We’ll help to uncover the issues that unite people so you can move forward together.
“Business Lab’s expertise was invaluable in having a wide practical experience base in BID establishment. They gave structure and support to the process; made themselves readily available and were able to support an often tense process to a successful conclusion. We cannot recommend them enough.”
“Our business community doesn’t need another expense.”
Having working with over 40 business communities, we’re often able to see challenges coming. We know which issues are likely to polarise, and which are likely to bring people together.
That’s why we start with an engagement process to create a strategy for the proposed BID. When people can see the value the BID will create for them, they are much more likely to support the BID.
“They are very professional in their work, diligent, and have made what was a very hard process simple and effective so we can carry on with our work. They’re also helping us to ensure the work is kept on track and that KPI’s will be met going forward.”
Set your business community up for success.
Establishing a BID can be really challenging - but hugely fullfiling. You’ll create new connections and work on projects that really make a difference for local businesses and the wider community.
Having worked with over 40 business communities around New Zealand, we’re sold on the value of Business Improvement Districts.
Your business community will have a clear plan of action with a small number of key priorities
You’ll be sustainably-resourced so you can focus on outcomes rather than raising funds.
You can focus on your shared goals without getting caught up in electoral cycles or becoming a political football.
You can work together for the good of the whole community, with more people contributing their time and efforts.