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Why All Businesses Should use a Password Manager

August 11, 20224 min read

Password Management

Operating a business in today’s market means managing dozens of online accounts and (for our typical customer) over 100 passwords. 

Poor password management costs your business time, money, and countless headaches. Every business should have a password vault that makes it easy to collaborate and share online accounts. 

Here’s why. 

Increase Productivity

Studies showed that 57% of users needed to reset work passwords in the last 90 days, and employees spend over 10 hours a year resetting and trying to remember passwords. This, combined with the terrible security habits people adopt when left to their own devices, exacts a damaging cost on your business across time. 

Don’t waste your team’s time and expertise on password management when they can have the accounts they need at their fingertips. 

Sharing passwords is easy when the tool is designed for the job. 

Avoid Duplicate Accounts

Duplicate accounts lead to disorganization, confusion, and lost productivity.

TeamPassword lets your employees see which services your company has signed up for so that Jenna from HR doesn't accidentally create a Hootsuite account when Joe from Marketing already made one. 

Having multiple accounts for the same service is a nightmare. 

It can be difficult to shut down twin accounts, and companies end up paying duplicate subscription fees for months or years. 

Faster Onboarding

No one wants to spend their first day figuring out how to log onto the accounts they need to do their job. A password manager for teams makes it easy to integrate new employees.

Just add the new employee to your TeamPassword account, then grant them access to the appropriate groups.

Our password manager clearly shows new employees what accounts you have. If they’re unfamiliar with one of the tools they’ll be using to do their job, they can ask you about it sooner rather than later and hit the ground running.

Ease the Breakup

A password manager makes it frictionless to revoke access when an employee leaves your company. 

It might also be a good time to go through and refresh your passwords - easily done with our built-in password generator. You can also see the last time a password was updated right there in the login. 

Grant access to your accounts on a need-to-know basis. It takes one moment of vindictiveness for a spurned employee with Twitter access to tarnish your company's reputation. 

Cybersecurity is getting more complicated every year. It’s tempting to look the other way and do what you’ve always done, but with the cost of data breaches rising further, there’s no reason to put the livelihood of you and your employees at risk.

Use a password manager. It doesn’t have to be ours - be realistic about your use case. We designed TeamPassword to be the most straightforward, easy-to-use tool on the market. If that grabs your interest, give us a try for free for 14 days (no credit card required). 

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