The survey summarizes the results of a business resilience survey of 75 companies in Mexico and abroad on their experiences during the COVID-19 pandemic. Key findings include: - 33% of surveyed companies said current business conditions are bad/very bad, improving slightly from the previous month. - 17% said conditions for the next 6-12 months are bad/very bad, improving considerably from the previous month. - Top challenges were reported as lack of liquidity, lack of demand, and lack of profitability. Top opportunities were new markets/products, improved digital/IT capabilities, and less competition. - 49% expected M&A or joint venture activity in the next 6-12 months, worsening from

1. ENCUESTA GLOBAL DE RESILIENCIA DE NEGOCIOS
BUSINESS RESILIENCE GLOBAL SURVEY
JULIO / JULY
2021

2. ENCUESTA ELABORADA POR / SURVEY PREPARED BY
EN ALIANZA CON / IN PARTNERSHIP WITH

3. OBJETIVO
COMPRENDER LA PROBLEMÁTICA DEL SECTOR
EMPRESARIAL DENTRO Y FUERA DE MÉXICO
ANTE LA PANDEMIA COVID-19. IDENTIFICAR
PRINCIPALES TENDENCIAS, ASÍ COMO RIESGOS Y
OPORTUNIDADES.
NÚMERO DE EMPRESAS QUE CONTESTARON LA
ENCUESTA
75
SEGMENTACIÓN POR TAMAÑO DE EMPRESA
59% PEQUEÑA
28% MEDIANA
13% GRANDE
PERFIL DE LA ENCUESTA
SURVEY PROFILE
OBJECTIVE
TO UNDERSTAND THE PROBLEMS OF THE
BUSINESS SECTOR IN AND OUTSIDE MEXICO
CAUSED BY THE COVID-19 PANDEMIC. IDENTIFY
THE MAIN TRENDS, RISKS AND OPPORTUNITIES.
NUMBER OF COMPANIES THAT RESPONDED THE
SURVEY
75
SEGMENTATION BY COMPANY SIZE
59% SMALL
28% MEDIUM
13% LARGE

4. EN DÓNDE OPERAN LAS EMPRESAS QUE
CONTESTARON LA ENCUESTA
29% NORTE, CENTRO Y SUDAMÉRICA
16% OPERACIONES GLOBALES
52% SOLO MÉXICO
1% EUROPA
1% ASIA
1% ÁFRICA
SECTORES ECONÓMICOS
43% SERVICIOS PROFESIONALES
17% FINANCIERO
12% MANUFACTURA
6% ENERGÍA
3% AGRICULTURA
3% COMERCIO
3% BIENES RAÍCES
2% TECNOLOGÍAS DE LA INFORMACIÓN
2% TURISMO
2% EDUCACIÓN
6% OTROS
PERFIL DE LA ENCUESTA
SURVEY PROFILE
WHERE DO THE COMPANIES THAT RESPONDED
OUR SURVEY OPERATE
29% AMERICAS
16% GLOBAL OPERATIONS
52% MEXICO ONLY
0% EUROPE
1% ASIA
1% AFRICA
ECONOMIC SECTORS
43% PROFESSIONAL SERVICES
17% FINANCIAL
12% MANUFACTURING
6% ENERGY
3% AGRICULTURE
3% TRADE
3% REAL ESTATE
2% INFORMATION TECHNOLOGY
2% TOURISM
2% EDUCATION
6% OTHER

5. RESULTADOS
RESULTS

6. 1: ¿Cómo calificaría el entorno comercial
ACTUAL en el que opera su empresa?
1: How would you rate the CURRENT business
environment in which your company operates?
33% de las empresas encuestadas
encuentran las condiciones
ACTUALES de negocio como
MALAS o MUY MALAS. Este
indicador MEJORÓ ligeramente
con respecto al mes anterior,
disminuyendo de 35%.
33% of surveyed companies find
the CURRENT business conditions
as BAD or VERY BAD. This
indicator slightly IMPROVED from
the previous month, moving from
35%.

7. 2: ¿Cómo calificaría el entorno de negocios
PROSPECTIVO hacia los próximos
seis a doce meses?
2: How would you rate the PROSPECTIVE
business environment towards the next six
to twelve months?
17% de las empresas encuestadas
encuentran las condiciones de los
PRÓXIMOS 6 a 12 MESES como
MALAS o MUY MALAS. Este
indicador MEJORÓ
considerablemente con relación al
mes anterior, disminuyendo de
31%.
50% de las empresas consideran
las condiciones futuras como
BUENAS o MUY BUENAS.
17% of surveyed companies find
the conditions of the NEXT 6 TO
12 MONTHS as BAD or VERY BAD.
This indicator considerably
IMPROVED in comparison to the
previous month, moving from
31%.
50% of companies consider future
conditions as GOOD or VERY
GOOD.

8. 3: ¿Cuál es el MAYOR RETO para su empresa
en los próximos seis a doce meses?
3: What is the BIGGEST CHALLENGE for your
company in the next six to twelve months?
Tres principales riesgos
reportados por las empresas
encuestadas:
• Falta de liquidez
• Falta de demanda
• Falta de rentabilidad
Three main risks reported by
surveyed companies:
• Lack of liquidity
• Lack of demand
• Lack of profitability

9. 4: ¿Cuál es la MAYOR OPORTUNIDAD para su
empresa en los próximos seis a doce meses?
4: What is the BIGGEST OPPORTUNITY for your
company in the next six to twelve months?
Tres principales oportunidades reportadas
por las empresas encuestadas:
• Nuevos Mercados / Nuevos Productos
• Mejoras en Capacidades Digitales y de
IT
• Menor Competencia a Causa de la Crisis
Three main opportunities reported by
surveyed companies:
• New Markets / New Products
• Improvement in digital and IT capabilities
• Less competition as a result of the crisis

10. 5: ¿Qué tan probable es que su compañía
considere ADQUIRIR un negocio o entrar en
una ALIANZA ESTRATÉGICA en los próximos
seis a doce meses?
5: How likely is that your company will
consider ACQUIRING a business or entering
into a JOINT VENTURE in the next six to
twelve months?
49% de las empresas encuestadas reportan que SÍ ESPERAN ENTRAR en alguna transacción de M&A o Joint Venture
en los próximos 6 a 12 meses. Este indicador EMPEORÓ con respecto al mes anterior, disminuyendo de un 53%.
49% of surveyed companies report that they EXPECT TO ENTER into some M&A or Joint Venture transaction in the
next 6 to 12 months. This indicator WORSENED from the previous month, moving from 53%.
0%
20%
40%
60%

11. 6: ¿Cuánto tiempo cree que pasará hasta que
regresemos a la normalidad?
6: How much time do you think will pass until
we go BACK TO NORMAL?
45% de las empresas encuestadas piensan que el regreso a la normalidad tardará ENTRE UNO Y DOS AÑOS, mientras
que el 39% de las empresas encuestadas piensan que el regreso a la normalidad tardará de 6 A 12 MESES.
45% of surveyed companies think that the return to normality will take BETWEEN ONE AND TWO YEARS, while 39% of
the companies surveyed think that the return to normality will take between 6 to 12 months.

12. 7: ¿Cómo calificaría la gestión de esta crisis por
parte de AUTORIDADES GUBERNAMENTALES?
(Promedie su respuesta para considerar niveles
federales, estatales y municipales)
7: How would you rate the management of this
crisis by your GOVERNMENT OFFICIALS?
(Average your answer to consider federal, state
and city levels)
88% de las empresas encuestadas piensan que el desempeño de las autoridades federales, estatales y municipales ha
sido MALO o MUY MALO. Este indicador mejoró en diciembre de 2020 pero desde entonces no se ha recuperado.
88% of surveyed companies think that the performance of federal, state and city authorities has been BAD or VERY
BAD. This indicator improved in December 2020 but has not recovered since.
70%
75%
80%
85%
90%
95%

13. 8: ¿Qué posibilidades hay de que su empresa no
cumpla con algunas obligaciones contractuales en
el futuro cercano debido a la crisis pandémica (por
ejemplo, no pague el alquiler, no pague un
préstamo o no entregue ciertos productos o
servicios)?
8: How likely is it that your company will fail to
comply with some contractual obligations in the
near future because of the pandemic crisis (for
example, miss a rent payment, default on a loan,
or fail to deliver certain products or services)?
31% de las empresas encuestadas estiman caer en incumplimiento de obligaciones contractuales debido a la pandemia.
Este indicador EMPEORÓ con respecto al mes pasado, aumentando del 22%.
31% of surveyed companies estimate that they will breach some contractual obligations due to the pandemic. This
indicator WORSENED from the previous month, moving from 22%.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%

14. 9: ¿Sus empleados estarán regresando a sus
oficinas en el corto plazo?
9: Are your employees returning to their offices
in the short term?

15. 10: ¿Qué cambios espera usted a su espacio de
trabajo?
10: What changes do you anticipate to your
workplace?

16. NURICUMBO + PARTNERS

17. ✓ Internal and External Audit.
✓ Special reviews (financial, process,
operational, compliance, forensic, etc.)
✓ Financial Due Diligence for M&A.
✓ Tax Compliance.
✓ Comisarios. Board Members. Advisory Board.
✓ Interim C-Level Executives (CEOs, CFOs, etc.)
✓ Interim Project Teams.
✓ Specialized Training Programs.
✓ Debt/Equity Solutions.
✓ Fintech Trusts (Fideicomisos).
How do we help some of our clients?

18. Managing Partner of Nuricumbo + Partners.
His career started as Audit Manager with PWC Mexico. After a few years, he moved into the
advertising industry where he held Internal Audit positions with Y&R and IPG, two international
advertising groups, working in New York City for five years. He returned to Mexico as CFO for
the New Business division of McCann Group Worldwide. Started his career as independent
consultant delivering audit work for several multinationals in Latam and leading several fraud
investigations in Mexico. Won a contract with Bombardier Transportation to work for three years
in Canada and Europe on a financial transformation initiative. Worked with the American Consultancy RGP as their Country
Manager.
Today, Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, internal and external audit,
independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk
management, and corporate governance. Nuricumbo + Partners have become trusted business advisors for companies of all
sizes, providing direct support to CEOs and CFOs in special or confidential projects.
Armando has held different positions at the Mexican Institute of Public Accountants, including Vice President of the Business
Sector, President of the International Affairs Committee, and Member of the Audit Quality Control Committee. He is member of
Editorial Committees at Mundo Ejecutivo and AAPAUNAM. He is Treasurer and Board Member at the British Chamber of
Commerce, as well as the Anglo-Mexican Foundation. He was President of the charity Amistad Británico-Mexicana. He is
member of the Mexican Institute of Financial Executives. He has been Board Member or Comisario at many companies. His
opinions have been referenced by El Financiero, Reforma and Canal 40.
Armando graduated as a public accountant, Summa Cum Laude, from the National University of Mexico (UNAM). He is certified
in Mexico by the Mexican Institute of Public Accountants and in the U.S. by the Illinois Accountancy Board. He has a Masters
Degree in Asian Studies by the University of Tamkang in Taiwan. He recently completed the program “Leading Professional
Service Firms” at Harvard Business School.
Armando Nuricumbo
Managing Partner

19. WHAT WE THINK
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The Strategy in Times of Covid
Winning an election does not resolve our problems
The reinvention of big global cities
North America: From shared prosperity to failed state
Will we avoid another lost decade?
Inequality is not a good business
The Lebanese mirror
Wirecard, external audit and the public interest
OUR YOUTUBE CHANNEL
Democracy Needs You
Book Review: Why Nations Fail
Book Review: The Value of Everything
Book Review: Freakonomics
Book Review: Elements of Great Managing
To be a leader, but for the right reasons
Vestiga Consultores: Información y pandemia
Historic Lessons of the 1918 Pandemic
Toshiyuki Yasui: Chief Happiness Officer
Oscar Becerril: Cómo superar COVID-19
OTHER
Riesgo Global: Relación Estados Unidos - China
Mexico’s Top 25 CFO’s of 2017
¿Por qué medir la confianza económica?
La Voz del CFO: Rompiendo Paradigmas
La Voz del CFO: Surman y Wika
Nuricumbo + Partners in the Media

20. Estamos a la orden para profundizar
sobre cualquier aspecto relacionado con
la encuesta.
We are at your service in case you require
more information about any aspect of the survey.
contacto@nuricumbo.com
Muchas gracias
Thank you very much