6 Steps to Using a Team Password Manager for your Small Business

As a small business owner, you’re responsible for a lot of moving parts. You understand that time is one of your most precious assets and invest in technologies that will help you, and your staff, manage it more effectively. With the right processes and systems in place for password sharing, you’ll remove project bottlenecks and never waste time worrying about password management again.

Here are six password management strategies that will let you get back to working on your core business.

  • Identify who needs access. Obviously, your employees will need access to certain passwords, but it’s also likely that outside vendors may need to access certain accounts as well. Does your bookkeeper need access to your credit card account? Does your marketing consultant need access to your Twitter account? Make a list of everyone who will need access to your company’s passwords and then dole out password information accordingly.

  • Identify shared password groups. Once you’ve identified everyone who will need access, organize those team members into different password access groups. For example, your technical team likely won’t need access to the same passwords as your marketing team.

    Here are the top groups our small business customers are using:

    • Administrative: Admins and office manager types need access to accounts like Staples, Amazon, hotels, and airlines.
    • Finance: Bookkeepers and accountants need access to your commercial bank, credit cards, and payroll system.
    • Marketing: Your internal team, consultants, and/or agency will need access to accounts like Twitter, Facebook, Hootsuite, Mailchimp, GoDaddy, and any Content Management Systems (CMS) you or your clients use.
    • Developers: Your tech people are juggling tons of apps and programs daily to keep your business running smooth. The TeamPassword development team, for example, has 70 different tools shared in their account. Everything from Apple developer accounts, analytics tools like Mixpanel and Amplitude, the GoDaddy account for DNS, as well as performance tracking in NewRelic and Skylight.

    Creating groups in TeamPassword is easy and ensures that the appropriate people—and only the appropriate people—have access to the passwords they need.

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  • Update your hiring procedures. You likely already have a process for hiring people that includes collecting tax paperwork and inputting information into payroll. But I’m guessing you’d agree that the onboarding process could be improved. TeamPassword’s Groups Feature makes onboarding new employees simple:

    Invite your new team member to TeamPassword using their company email address.

    • Add them to the groups they’ll be working with.
    • New hire has instant access to the accounts they need and can start contributing immediately.
  • Update your termination procedures.

    No one likes to think that an employee isn’t going to work out but let’s be realistic. It’s important to be prepared for when someone leaves (or is asked to leave). You don’t want an unhappy ex-employee to have full access to your bank accounts, social media, or any sensitive company information. Even if an employee leaves amicably, poor password management habits could jeopardize your company without any malicious intent. TeamPassword lets you grant and revoke privileges in just a few clicks.

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  • Don’t forget about the all your consultants and vendors! When you begin working with a vendor or consultant, don’t forget to add them to the appropriate password groups. And, of course, if you stop working with a consultant or vendor, you should treat it just like an employee termination, and remove access to your passwords.

  • Double check your work on a regular basis. People are, well, human, and we all make mistakes. You should set a regular schedule, perhaps once a quarter, to sign in and review your password groups — and make sure no one accidentally gave your tech intern access to all of your banking passwords.

    • Make sure the users on your account are current.
    • Review the groups to which your users are assigned. For example, if Joe changed from an administrative assistant to a marketing role, he would likely no longer need the password for your Amazon account.

We created TeamPassword to help people manage their team’s passwords responsibly and systematically. If you follow these six steps you will save time. And it is never truer than for a small business; time is money.

Say goodbye to shared Google documents, outdated Excel spreadsheets, and password security breaches. Give it a try with our free 14-day trial!

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