Impact data and claims within this report are provided by the project creator and have not been independently verified by Spacehive.
With a pre-existing track record of facilitating joint procurement for businesses to save money; the fund will allow exploration of alternative opportunities and supplementary business support.
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Kingstonfirst has implemented a very successful recycling scheme, which has grown over time and given a tangible return on levy payer’s investment. Over 200 businesses have saved on average 3.5 times their annual levy each year through the scheme.
Cost savings are of enormous benefit, but many businesses, particularly small or independent, do not have the time or knowledge to be able to achieve these savings themselves. Through a relatively small investment, this project will allow for expansion into new areas of joint procurement such as energy, telecoms and business support. This could pump prime huge savings for businesses, which coincides with the Mayor’s direction on helping business to realise hidden savings.
Focus areas include:
• Reducing businesses energy consumption and carbon production.
• Integration of technological innovations.
• Promotion of existing opportunities (broadband voucher scheme etc.)
• Identifying cost savings through joint purchasing.
What we'll deliver:
Why it's a great idea:
This straight forward project is essential in the increasingly challenging high street environment, especially to support those smaller businesses that play a critical role in distinguishing the high street.
Other BIDs following similar initiatives have achieved £20,000 worth of savings for 20 members within 2 months and £400,000 worth of savings for 200 members over a 4 year period. Kingstonfirst is able to capitalise on its strength of bringing together large numbers of businesses, to collectively benefit from collaborative schemes.
Extension of joint procurement opportunities will not only save businesses money, but will also allow these businesses to reinvest these savings in other initiatives that may assist them in attracting more customers and implementing other cost saving initiatives.
There is scope to extend the joint procurement opportunities beyond the BID boundary to other nearby district centres, to allow more businesses to capitalise on the economies of scale.
Steps to get it done:
Location Kingston upon Thames
About the space
Kingston BID area - Kingston Town Centre
Royal Borough of Kingston
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How will the money be spent?Total £25,379
This shows how money raised for the project will be spent. Before entering fundraising these costs will be confirmed by the project's Delivery Manager and verified by the verifier.
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