Business Process Tips #2 (Password Keeper)

The Most Effective Way to Store your Company's Passwords

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Do you often forget the passwords to some of your business software? This article takes you through the step-by-step process to record and properly keep the passwords to your applications.

As you run your business in this digital world, most of your activities require using numerous software and applications. Whether to grow sales or hire qualified personnel, or to make advertising and marketing plans, or for accounting operations; every of these activities are run through software such as Power BI, indeed HRIS, Slack, etc. These applications are personalized and so, demands the use of unique passwords which are difficult to crack.

Passwords prevent unauthorized entry to your private information and at such require proper safekeeping. Protecting the passwords to all your business software is crucial not only because they prohibit unofficial company activities, but also because they help protect your business and secure your company's data against cyber threats.

To properly secure your company's software and applications, it is important to have an Excel Sheet that documents all the passwords to your software and know who among your employees has access to them.

You should create an Excel sheet, like the one below, that clearly outlines the process.
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 To get this template, To get this template,
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To recreate this process for your company, you will need to create a sheet in Excel to keep a document that helps you track the password to your software, as well as the members of your staff that have access to the password. For instance, if your accountant has access to your Power Bi software, this Password Keeper helps you document it.

So, the very first step is to go to Excel and create a new Sheeet, then the following activities follow:

  • Save the file with a name you will remember easily. You can save as My Password Keeper, if you wish

  • The very first column in the sheet is to list out the team members that have access to password to one or more company software.
  • The second column should have their roles.

  • The rest of the column on the first row will have the list of each business application.
  • In the second row, you will be writing the passwords to each software.

After you've done these, you will then have to fill in the sheet with the required details. Remember to save so you do not lose the file. Also, make it easily accessible for future updates and reviews.

Having this documented strategy will ensure that your company has proper software management and helps you keep a track of all the passwords to your business software, resulting in effective data management.

In protecting and securing your company data against cyber threats, it is demanding to have a proper process to keep your business account passwords. Besides adopting the documented strategy we just explained, you should consider the following to manage your passwords.
1. Create Strong Passwords:
Try to avoid Common Passwords that can easily be figured out. Instead, create strong passwords with letters, figures and characters. Another important thing to do is to use different passwords for different accounts.
2. Use a Password Manager:
You can protect your data by adopting the use of a Password keeper tool.
3. Make Frequent Changes to Your Passwords:
Make modifications to your passwords. This protects your business from the risk of cyberattacks.
4. Identify Employees that Have Access to your Company Database.
Doing this will help you keep track of team members that have access to your systems.

Implementing these processes for your passwords will help protect your company data.

This Password Keeper tool is designed to help you track, manage, and safeguard the software utilized in each department of your company and team members who have access to it.
You should also download our Financial Goal Setting E-book to learn more ways to make revenue for your business.
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