Building Economic Sustainability through Tourism Project

Improving business planning and financial management skills for tourism businesses

27 Aug 2018

USAID BEST is working to develop business planning and financial management skills among small and medium tourism enterprise (SME) owners around Jordan to help improve their capacity to access financing and boost investment in tourism projects. This month, three-day workshops on the topic were implemented by USAID BEST for SMEs in Aqaba and for women handicraft producers in Amman.

Attendees learned a variety of tools and techniques to assess the feasibility of key business decisions and learned how to articulate and execute sound business plans to present strong loan applications to banks. These skills will increase their chances of obtaining funding and, most importantly, sustaining their tourism enterprises.  

Sleiman al-Hassassin, owner of a paintball business in Aqaba, said, “The workshop we participated in with USAID BEST was very helpful in expanding our institutional knowledge in several topics, including team leadership, how best to approach banks regarding loans and support, how to responsibly manage and direct company finances and much more.” He added, “We learned about successful financial planning and the risks of borrowing in terms of interest for small and medium enterprises and the reasons why projects fail.”

According to Izeddin Riyati, who owns a watersport business in Aqaba, “There were a lot of things I learned during the three-day workshop that I hadn’t known before in regard to accounting, administration, human resources, and even the incentives.” The workshop had a great impact on him, as he learned how to construct a strong business plan.

For the second workshop, USAID BEST collaborated with the Jordan Handicraft Producers Association and Jordan Ahli Bank to offer the training to members of the association.  Jordan Ahli Bank introduced its Al Nashmiat Initiative, a service package that offers support to women-owned businesses through a series of training courses and forums that members are able to participate in.