The greatly anticipated Game of Thrones Season 7 has drawn a close (boo) and everyone has been left hoping their favourite characters live to see Winter finally arriving. The season has gone from strength to strength with one high point being when Daenerys (of the House Targaryen, the First of Her Name, The Unburnt…and so on) finally brought her dragons overseas to wreak havoc on the Lannister army and Twitter went into meltdown.
Season 7 saw the Stark family being reunited, Arya getting revenge for the murder of her brother and mother and Daenerys finally making her way across the sea with the infamous Dothraki army. Among the added excitement of Cersei Lannister taking out House Tyrell as well as House Martell of Sunspear from Dorn, it was easy to miss an important message throughout the season.
Whilst all leaders draw blood for power and the battle for the Iron Throne continues, there are lessons to be learnt from the leading characters in Game of Thrones, which can apply to business.
Become a Lannister when it comes to paying debts
How many times throughout the complete seven series have we heard ‘A Lannister always pays their debts’? Cersei said it to the Iron Bank of Braavos in Season 7 when she needed more resources, buying herself more time to pay them back their gold and win their continued support when she does repay them.
Businesses should do the same. By paying your invoices on time, you are not only building a good credit score for your business, you are also gaining a reputation for being reliable and stable among suppliers. You are more likely to be trusted and to be granted more stock or credit if you were ever to expand your company.
If there is one thing to take from the Lannister family, it is that always paying your debts on time could help you if things took a turn for the worst!
Be as fierce as Daenerys
One of the standout scenes in Game of Thrones Season 7 was at the end of Episode 4, when Daenerys (finally) unleashed her dragons on the Lannister army as a retaliation move from their attacks on her allies. By having the courage of Daenerys when it comes to chasing late payments, you could reduce the amount of bad debt you write off. Now we are not saying to attack your late payers with fire breathing dragons (if you had any), instead use the tools you have to show that late payments are unacceptable. Debt chasing letters and debt recovery are simple steps to get you going on collecting late payments from your customers.
A famous quote from Daenerys also applies here for late payments; ‘They’re all just spokes on a wheel… I’m not going to stop the wheel; I’m going to break the wheel’ If all businesses worked together in tackling the ever-growing problem of late payments, we can break the spinning wheel for good!
Be as knowledgeable as Bran Stark
Although he is apparently no longer ‘Bran Stark’ but now the three eyed raven, Bran (literally) has eyes everywhere. He can see things no human could possibly see…which is also a lesson you can carry through to business.
Ok, we cannot offer you a three-eyed raven as a pet, but we can offer you a monitoring solution; to keep an eye on financial changes about your prospects and customers on a daily basis. Wouldn’t it be beneficial to see how a prospective customer pays before doing business with them? Wouldn’t it be good to know which other ‘house’ they belong to? All this information is available in a company credit report, or as we like to call it, your three eyed raven. You can monitor this on a daily basis, being alerted to any changes within customers’ company credit reports by email from Creditsafe.
Be as savvy as Arya
Arya Stark is probably one of the most-loved characters in Game of Thrones. We have seen her develop from a rebellious, mischievous child to a wise, young woman who can handle herself throughout the seven seasons. We love her sass and her wicked skills with a sword, but what can we learn from her in Season 7? By now, Arya has survived on her own for a few years, she has made some friends but mostly she has made enemies. One of the most wanted girls in Westeros; she has a ‘list’ of people who have wronged her. To take a positive spin on her ‘list’, we could help you find yours. Better still, we can help prevent people from wronging you. Creditsafe’s 3D Ledger allows you to see lists of companies that aren’t on track to pay you on time, allowing you to prioritise your cash collection process. It also allows you to amalgamate your customer ledger with financial and credit information on over 240 million companies worldwide; helping you manage and analyse your day-to-day credit risk.
If we were the Arya Stark of the business world, this would be a list we would be interested in!