What should you do about invoicing your members right now? 

I get it: when the economic mood changes, sending invoices for membership renewals can make you feel uncomfortable. 

Three things you need to know before you delay your invoicing.

1. Delaying your renewals is a bad idea. I've been through four of these shifts in my chamber career and if anything you should be thinking sending invoices early by a week or two. Don't be the last one to get paid. 

2. Not every business is hurting right now. Grocery, McDonald's double drive thrus, shipping companies, delivery businesses and home improvement stores are all still busy. So are gun shops and many of the remaining local book stores, especially religious book stores. 

3. You need to know about the Economic Recovery Grant. It's something my boss and I created in 2009 and it still works today. 

There are two situations where it's appropriate to use this valuable tool. 

1. When a member reaches out to you to cancel their membership

2. When a member is more than 30 days past due, but less than 60 days. You have members who are regularly 60-90 days past due as part of their cash management plan. This is not for them. 

Here's how it works and you can download the sample while I'm talking. You give your members three options to stay connected to the chamber. 

1. Switch now to monthly payments. I like to add 20% to any payment plan because you're not a bank and you don't want to be the cheapest source of cash in the marketplace, so if your base membership is $440, multiply that times 1.2 and you get $528. Divide that by 12 and you get $44 per month. 

2. Our board of directors has authorized a one-time grant towards your membership renewal. If you've been a member for one or two years, accept this grant of $50 towards your renewal. If you've been a member for three or four years, accept this grant of $100. If you've been a member for five to nine years, accept this grant of $150. And if you've been a member for more than ten years, you tell us what you can afford and the answer is yes. Even if it's one dollar. 

3. Shift your renewal date. We can move your membership renewal up to six months at no charge, and with no pro-rating. 

Download the Economic Recovery Grant right now and send this video to your executive team to get their buy in.