About Hinckley BID

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Benefits of a BID

What are the benefits of being a business inside the Hinckley BID area?

Improve your trading environment

Hinckley’s BID is intended to offer you the opportunity to improve your trading environment, enhance footfall and boost your business performance.

Only by working together as a business community, sharing costs and responsibilities and supporting one another, can we achieve tangible results - bringing improvements to the area beyond our individual door to the benefit of us all. It is a proven fact that a BID provides the platform to achieve this goal.

There are now over a 100 Business Improvement Districts operating successfully across the UK, and all those which have completed their original term and stood for a second term in office, have been voted in once again.

Play your part

You can have your say in the final decisions, identifying what will benefit your business and the community. There will be plenty of guidance and support throughout, from Hinckley Town Centre Partnership and from other successful BID towns and cities. Your views and ideas are important, so why not get involved? To get involved please contact us through the 'Contact Us' page on this website.

Plan ahead

There are no hidden surprises with costs. From the outset, the charge is fixed based on the rateable value of your premises. The collective annual levy paid by local businesses is put into a central pot to pay for the BID projects and no additional charges will apply.

By working together as a combined entity, through Hinckley’s BID your investment achieves much more value. It means that by working with you, the BID can leverage other financial contributions, because it can attract matched funding from the public sector whenever available - and that means a substantial increase in the finances available for the projects that can benefit your business and the BID area as a whole.

Develop local solutions

The finance generated will be a flexible tool, allowing us to identify specific problems in our trading environment and thus develop local solutions - ring-fencing funds to deliver tangible change.

The projects identified by local businesses as priorities formed the basis of the BID Proposal (a copy of which is available on this website), these projects (finance permitting) will be implemented during the duration of the BID. 

The BID team are building key local relationships within the local community, wider business community and public sector to gain their involvement and support in achieving the goals of the BID.

What are the achievable benefits of BIDS? Who can gain, and how?

 A successful BID:

  • Produces economic well being and economic growth in an area
  • Attracts inward investment
  • Gives competitive regional advantage
  • Produces social well being / improves quality of life
  • Develops a strong partnership between private & public sectors
  • Encourages corporate social responsibility
  • Seeks sustainable investment for ongoing capital projects/services
  • Creates a positive sense of place and an enhanced feeling of safety and well being - encouraging community pride

For the business or service, a successful BID:

  • Increases footfall
  • Increases consumer spend and therefore sales, thus increasing turnover
  • Reduces wasted costs (crime reduction, joint activities, e.g. promotions/marketing)
  • Is flexible and thus can address the issues of individual sectors
  • Gives businesses a local voice , and a collective voice
  • Creates a more appealing environment for employees
  • Is fair to smaller businesses – both large and small businesses receive the same support

For the landlord/property owner, a successful BID:

  • Assists capital value growth
  • Maintains rental values of property within the area
  • Increases an area's desirability and attracts new occupiers
  • Increases trade which affects turnover based rents (some retail)
  • Will lead to increased footfall to properties away from main footfall areas
  • Creates positive PR for companies both locally and regionally
  • Forges links with the local council
  • Is a strong body whose collective voice is heard