Professional Standards Review

What is the Professional Standards Review?

Undertaking our BID Standards Review is a valuable opportunity for BIDs to assess their performance, strengthen governance, and demonstrate accountability to levy payers and stakeholders.

This independent review - offered at no additional cost as part of British BIDs membership - ensures your BID is operating to the highest standards of transparency, effectiveness, and professionalism.

By highlighting areas of strength and identifying opportunities for improvement, the review not only supports continuous development but also builds trust and confidence in the BID’s long-term strategy.

What is assessed?

The review is not as detailed as the British BIDs accreditation. However, it will provide an evaluation of where the BID is and which areas can be enhanced.

BIDs may decide to move on to complete accreditation or a mid-term review, although this is not compulsory.

The areas to be assessed are based on the BID regulations, good practice and ongoing feedback from the British BIDs Advisory Board and the National Voters Group. They include governance, operations, finance, performance management and communications.

How does it work?

The BID is provided with a Professional Standards Review sheet to complete.

The sheet is then reviewed with a member of the British BIDs team, who will provide any advice and guidance on additional measures which may be required to achieve the Standards Review Compliance.

Independent feedback is provided to the BID, with suggestions and support.

The review should be completed within three months of commencement and undertaken every two years.

The review covers:

Governance
* Is there an annual review of Directors’ and Members’ governance arrangements post AGM or annual meeting?
* Are Board meetings held quarterly, with minutes and actions circulated?
* Are relevant insurances in place with policies reviewed annually?
* Is there a risk register - reviewed annually and signed off by Directors?
* What is the Board Director representation and are there call-outs for expressions of interest?
* Does the BID hold a Conflicts of interest register, reviewed and updated annually?
* Are there any Sub-Groups and if so are there annual reviews and terms of reference?
* Is the BID Company registered with the ICO?

Finance
* Are accounts filed within 6 months of year-end?
* Does the BID regularly re-forecast annual budget based on levy and other income?
* Does the BID hold the equivalent of 5-20% of annual levy income in reserve?

Operations & Performance management
* Are there KPIs to linked back to the business plan and/or yearly plan and budget?
* Does the BID consult with businesses on its activities for feedback eg. A levy payer survey?
* Are Monitoring meetings held with the local authority in line with Operating Agreement requirements?
* Are annual formal appraisals and training reviews undertaken?

Communications
* Is there a levy payer communications plan?
* Is an annual billing leaflet produced and sent out with levy bills?

If you would like to find out more, please email contact@britishbids.info.