5 Best Practices of Business Improvement Districts
August 21,2013
usiness improvement districts (BIDs) are public/private partnerships that aim to revitalize their communities. While they are busy making their communities more aesthetically pleasing, they’re also improving business conditions. These two factors combined are responsible for BID success. All of this sounds a lot easier than it actually is, so below is a list of the five best practices of a BID – benchmarks to hit to ensure that the BID accomplishes its goals.
MARKETING: What good does it do to put in so much work if no one knows about it? It’s important to get the word out about the BID. Each district has a different temperament and therefore should claim a brand identity. Promotion of events and achievements can be highlighted through newsletters or even social media. The Golden Triangle BID in DC is a shining example of how to use social media to make their community more aware of their presence. With almost 2000 followers on Twitter (@GoldenTriDC), over 1000 likes on Facebook (see here), and almost 100 +1 on Google Plus (see here), the Golden Triangle BID is engaging their community easily through many social media platforms. By doing so, they’re creating a discussion, publicizing things going on in their community, and supporting other organizations in the area.
BUSINESS DEVELOPMENT: One of the main purposes of a BID is to establish more business in the area. Business improvement districts are able to do this by drawing on their strengths. They attract new business with a developed urban area, high foot traffic, and low vacancy rates. It becomes easy to recruit new tenants with stats like that. Promoting existing businesses shows potential businesses how their company can thrive.
CAPITAL IMPROVEMENTS: Often have its worth underestimated, streetscape improvements are an important part of BID actions. The character of a community is determined by how it looks. Customized looks with a maintained physical environment such as distinctive curbs, sidewalks, street lighting, and furniture adds value to the community. A perfect example of this would be Buckhead CID’s Village Streetscape Project. The purpose of this project is to “improve and enhance the pedestrian experience in the Village by implementing highly-designed, public environments while revitalizing one of Buckhead’s most popular destinations.”
COMMUNITY SERVICE: A community isn’t just about economics and business – it’s about the people. Some are not as fortunate as others and need help. Community service through the BID allows business members of the community to come together for the collective good of their area. The types of community service projects vary by community depending on the needs. The Downtown Alliance in NYC partnered with Trinity Church on a two-year contract with Bowery Residents Committee homeless outreach services. “The program has generated positive results and led to an outreach effort to help people connect with appropriate social services.”
PARKS & PUBLIC SERVICES: Build it and they will come? Not exactly. Parks need attention. They must be well financed, programmed, and upgraded to have the desired effect on the community. Parks enhance the value of a district. The Atlanta Downtown Improvement District recognizes the worth of Woodruff Park, a park that over 5 million people use. The programs that the CID hosts bring an additional 100 people downtown each week. Special events add 10,000 downtown visitors annually. The involvement of the Atlanta Downtown Improvement District adds value to the park.
These five best practices are the methods successful BIDs use to achieve their goals. Any of the aforementioned BIDs are perfect examples of districts that are doing it right.
- See more at: http://www.contigly.net/5-best-practices-of-business-improvement-districts/?utm_content=buffer73f0b&utm_source=buffer&utm_medium=twitter&utm_campaign=Buffer#sthash.Tns89jpZ.dpuf
From www.contigly.net
Business improvement districts (BIDs) are public/private partnerships that aim to revitalize their communities. While they are busy making their communities more aesthetically pleasing, they’re also improving business conditions. These two factors combined are responsible for BID success. All of this sounds a lot easier than it actually is, so below is a list of the five best practices of a BID – benchmarks to hit to ensure that the BID accomplishes its goals.
MARKETING: What good does it do to put in so much work if no one knows about it? It’s important to get the word out about the BID. Each district has a different temperament and therefore should claim a brand identity. Promotion of events and achievements can be highlighted through newsletters or even social media. The Golden Triangle BID in DC is a shining example of how to use social media to make their community more aware of their presence. With almost 2000 followers on Twitter (@GoldenTriDC), over 1000 likes on Facebook, and almost 100 +1 on Google Plus, the Golden Triangle BID is engaging their community easily through many social media platforms. By doing so, they’re creating a discussion, publicizing things going on in their community, and supporting other organizations in the area.
BUSINESS DEVELOPMENT: One of the main purposes of a BID is to establish more business in the area. Business improvement districts are able to do this by drawing on their strengths. They attract new business with a developed urban area, high foot traffic, and low vacancy rates. It becomes easy to recruit new tenants with stats like that. Promoting existing businesses shows potential businesses how their company can thrive.
CAPITAL IMPROVEMENTS: Often have its worth underestimated, streetscape improvements are an important part of BID actions. The character of a community is determined by how it looks. Customized looks with a maintained physical environment such as distinctive curbs, sidewalks, street lighting, and furniture adds value to the community. A perfect example of this would be Buckhead CID’s Village Streetscape Project. The purpose of this project is to “improve and enhance the pedestrian experience in the Village by implementing highly-designed, public environments while revitalizing one of Buckhead’s most popular destinations.”
COMMUNITY SERVICE: A community isn’t just about economics and business – it’s about the people. Some are not as fortunate as others and need help. Community service through the BID allows business members of the community to come together for the collective good of their area. The types of community service projects vary by community depending on the needs. The Downtown Alliance in NYC partnered with Trinity Church on a two-year contract with Bowery Residents Committee homeless outreach services. “The program has generated positive results and led to an outreach effort to help people connect with appropriate social services.”
PARKS & PUBLIC SERVICES: Build it and they will come? Not exactly. Parks need attention. They must be well financed, programmed, and upgraded to have the desired effect on the community. Parks enhance the value of a district. The Atlanta Downtown Improvement District recognizes the worth of Woodruff Park, a park that over 5 million people use. The programs that the CID hosts bring an additional 100 people downtown each week. Special events add 10,000 downtown visitors annually. The involvement of the Atlanta Downtown Improvement District adds value to the park.
http://www.contigly.net/5-best-practices-of-business-improvement-districts/