The survey summarizes the results of a business resilience survey of 161 companies in Mexico on their outlook and challenges during the COVID-19 pandemic. Key findings include: - 47% of companies report current business conditions as bad or very bad, worsening from the previous month. - The biggest challenges are seen as lack of demand, liquidity, and profitability while opportunities include new markets, less competition, and improved digital capabilities. - Most companies believe it will take 1-2 years to return to normal business conditions.

1. ENCUESTA GLOBAL DE RESILIENCIA DE NEGOCIOS
BUSINESS RESILIENCE GLOBAL SURVEY
MARZO / MARCH
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
161
SEGMENTACIÓN POR TAMAÑO DE EMPRESA
66% PEQUEÑA
24% MEDIANA
10% 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
161
SEGMENTATION BY COMPANY SIZE
66% SMALL
24% MEDIUM
10% LARGE

4. EN DÓNDE OPERAN LAS EMPRESAS QUE
CONTESTARON LA ENCUESTA
24% NORTE, CENTRO Y SUDAMÉRICA
12% OPERACIONES GLOBALES
58% SOLO MÉXICO
3% EUROPA
2% ASIA
1% ÁFRICA
SECTORES ECONÓMICOS
34% SERVICIOS PROFESIONALES
17% FINANCIERO
9% COMERCIO
7% MANUFACTURA
6% BIENES RAÍCES
4% TECNOLOGÍAS DE LA INFORMACIÓN
4% SALUD
4% TURISMO
2% AGRICULTURA
1% EDUCACIÓN
1% ENERGÍA
11% OTROS
PERFIL DE LA ENCUESTA
SURVEY PROFILE
WHERE DO THE COMPANIES THAT RESPONDED
OUR SURVEY OPERATE
24% AMERICAS
12% GLOBAL OPERATIONS
58% MEXICO ONLY
3% EUROPE
2% ASIA
1% AFRICA
ECONOMIC SECTORS
34% PROFESSIONAL SERVICES
17% FINANCIAL
9% TRADE
7% MANUFACTURING
6% REAL ESTATE
4% INFORMATION TECHNOLOGY
4% HEALTH
4% TOURISM
2% AGRICULTURE
1% EDUCATION
1% ENERGY
11% 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?
47% de las empresas encuestadas
encuentran las condiciones
ACTUALES de negocio como
MALAS o MUY MALAS. Este
indicador EMPEORÓ con respecto
al mes anterior, aumentando de
34%.
47% of surveyed companies find
the CURRENT business conditions
as BAD or VERY BAD. This
indicator WORSENED from the
previous month, moving from
34%.

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?
36% de las empresas encuestadas
encuentran las condiciones de los
PRÓXIMOS 6 a 12 MESES como
MALAS o MUY MALAS. Este
indicador EMPEORÓ en relación
al mes anterior, aumentando de
33%.
36% of surveyed companies find
the conditions of the NEXT 6 TO
12 MONTHS as BAD or VERY BAD.
This indicator WORSENED in
comparison to the previous
month, moving from 33%.

8. 3: En comparación con el MES ANTERIOR, la
condición general de su empresa es:
3: Compared to the PREVIOUS MONTH, the
overall condition of your company is:
30% de las empresas encuestadas reportan condiciones de negocio MEJORES que el mes anterior. Este indicador ha
permanecido RELATIVAMENTE ESTABLE desde Agosto de 2020.
30% of surveyed companies report BETTER business conditions than the previous month. This indicator has remained
RELATIVELY STABLE since August 2020.
0%
5%
10%
15%
20%
25%
30%
35%

9. 4: ¿Cuál es el MAYOR RETO para su empresa
en los próximos seis a doce meses?
4: 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 demanda
• Falta de liquidez
• Falta de rentabilidad
Three main risks reported by
surveyed companies:
• Lack of demand
• Lack of liquidity
• Lack of profitability

10. 5: ¿Cuál es la MAYOR OPORTUNIDAD para su
empresa en los próximos seis a doce meses?
5: 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
• Menor Competencia por la Crisis
• Mejoras en Capacidades Digitales y de
IT
Three main opportunities reported by
surveyed companies:
• New Markets / New Products
• Less Competition as a Result of the Crisis
• Improvement in digital and IT capabilities

11. 6: ¿Qué tan probable es que su compañía
considere ADQUIRIR un negocio o entrar en
una ALIANZA ESTRATÉGICA en los próximos
seis a doce meses?
6: How likely is that your company will
consider ACQUIRING a business or entering
into a JOINT VENTURE in the next six to
twelve months?
40% 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 ha ido MEJORANDO desde Diciembre 2020.
40% 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 HAS BEEN IMPROVING since December 2020.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%

12. 7: ¿Cuánto tiempo cree que pasará hasta que
regresemos a la normalidad?
7: How much time do you think will pass until
we go BACK TO NORMAL?
53% de las empresas encuestadas piensan que el regreso a la normalidad tardará ENTRE UNO Y DOS AÑOS.
Tan solo 17% de las empresas encuestadas piensan que el regreso a la normalidad tardará MÁS DE DOS AÑOS.
53% of surveyed companies think that the return to normality will take BETWEEN ONE AND TWO YEARS.
Only 17% of the companies surveyed think that the return to normality will take MORE THAN TWO YEARS.
0%
5%
10%
15%
20%
25%
30%
¿Cuánto tiempo cree que pasará hasta que
regresemos a la normalidad? (MÁS DE DOS
AÑOS)

13. 8: ¿Cómo calificaría la gestión de esta crisis por
parte de AUTORIDADES GUBERNAMENTALES?
(Promedie su respuesta para considerar niveles
federales, estatales y municipales)
8: How would you rate the management of this
crisis by your GOVERNMENT OFFICIALS?
(Average your answer to consider federal, state
and city levels)
87% 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.
87% 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%

14. 9: ¿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)?
9: 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)?
33% de las empresas encuestadas estiman caer en incumplimiento de obligaciones contractuales debido a la pandemia.
Este indicador EMPEORA LIGERAMENTE, aumentando de 29% el mes pasado.
33% of surveyed companies estimate that they will breach some contractual obligations due to the pandemic. This
indicator WORSENS SLIGHTLY, increasing from 29% last month.
0%
10%
20%
30%
40%
50%
ago.-20 sep.-20 oct.-20 nov.-20 dic.-20 ene.-21 feb.-21 mar.-21

15. 10: ¿Cuál es su opinión general sobre las cripto-
monedas como un activo para inversión?
10: What is your general opinion of crypto-
currencies as an investment asset?
52% de las empresas encuestadas opinan que las criptomonedas ofrecen ganancias interesantes pero con
volatilidad de alto riesgo. 33% opinan que las criptomonedas son activos altamente especulativos. 9% opina que
son una buena opción de inversion de corto plazo, pero no mantendrían posiciones en el largo plazo. Solo 6%
opina que son una excelente opción de inversión.
52% of the companies surveyed believe that cryptocurrencies offer interesting returns but with high-risk volatility.
33% believe that cryptocurrencies are highly speculative assets. 9% believe that they are a good short-term
investment option, but would not hold positions in the long term. Only 6% think that they are an excellent
investment option.

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
Book Review: Freakonomics
The Biden Adminstration and Mexico Trade
The Strategy in Times of Covid
2021: Year of Healing and Recovery
Winning an election does not resolve our problems
The reinvention of big global cities
Will we avoid another lost decade?
Wirecard, external audit and the public interest
OUR YOUTUBE CHANNEL
Book Review: Why Nations Fail
¿Cómo regular el outsourcing?
How to choose the right partner?
La Voz del CFO: Importancia de la tecnología
La Voz del CFO: Rompiendo paradigmas
Oportunidades Financieras para Exportadores
Vestiga Consultores: Información y pandemia
Historic Lessons of the 1918 Pandemic
Oscar Becerril: Cómo superar COVID-19
OTHER
Riesgo Global: Relación Estados Unidos - China
Ranking Empresas Zombies Mexico: Q2 2020
Mexico’s Top 25 CFO’s of 2017
¿Por qué medir la confianza económica?
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