1.
ENCUESTA GLOBAL DE RESILIENCIA DE NEGOCIOS
BUSINESS RESILIENCE GLOBAL SURVEY
OCTUBRE / OCTOBER
2020

2.
ENCUESTA ELABORADA POR:
EN ALIANZA CON:

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
225
SEGMENTACIÓN POR TAMAÑO DE EMPRESA
64% PEQUEÑA
22% MEDIANA
14% 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
225
SEGMENTATION BY COMPANY SIZE
64% SMALL
22% MEDIUM
14% LARGE

4.
EN DÓNDE OPERAN LAS EMPRESAS QUE
CONTESTARON LA ENCUESTA
18% NORTE, CENTRO Y SUDAMÉRICA
12% OPERACIONES GLOBALES
64% SOLO MÉXICO
2% EUROPA
2% ASIA
2% ÁFRICA
SECTORES ECONÓMICOS
28% SERVICIOS PROFESIONALES
17% COMERCIO
9% FINANCIERO
9% MANUFACTURA
8% BIENES RAÍCES
6% TECNOLOGÍAS DE LA INFORMACIÓN
4% EDUCACIÓN
4% SALUD
4% ENERGÍA
3% TURISMO
1% AGRICULTURA
8% OTROS
PERFIL DE LA ENCUESTA
SURVEY PROFILE
WHERE DO THE COMPANIES THAT RESPONDED
OUR SURVEY OPERATE
18% AMERICAS
12% GLOBAL OPERATIONS
64% MEXICO ONLY
2% EUROPE
2% ASIA
2% AFRICA
ECONOMIC SECTORS
28% PROFESSIONAL SERVICES
17% TRADE
9% FINANCIAL
9% MANUFACTURING
8% REAL ESTATE
6% INFORMATION TECHNOLOGY
4% EDUCATION
4% HEALTH
4% ENERGY
3% TOURISM
1% AGRICULTURE
8% 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?
50% de las empresas encuestadas
encuentran las condiciones
ACTUALES de negocio como
MALAS o MUY MALAS. Este
indicador ha permanecido
constante desde el mes de Julio,
es decir, desde Julio a la mitad de
las empresas encuestadas les está
yendo mal.
50% of surveyed companies find
the CURRENT business conditions
as BAD or VERY BAD. This
indicator has remained constant
since July, that is, since July half
of the companies surveyed have
been reporting poor conditions.

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?
53% de las empresas encuestadas
encuentran las condiciones de los
PRÓXIMOS 6 a 12 MESES como
MALAS o MUY MALAS. Este
indicador empeoró, pasando de
47% en el mes anterior.
53% of surveyed companies find
the conditions of the NEXT 6 TO
12 MONTHS as BAD or VERY BAD.
This indicator worsened, moving
from 47% in the previous month.

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:
36% de las empresas encuestadas
reportan condiciones de negocio
PEORES que el mes anterior. Este
indicador empeoró, pasando de 29%
en el mes anterior.
36% of surveyed companies report
WORSE business conditions than the
previous month. This indicator
worsened, moving from 29% in the
previous month.
28% de las empresas encuestadas
reportan condiciones de negocio
MEJORES que el mes anterior. Este
indicador empeoró, pasando de 32%
en el mes anterior.
28% of surveyed companies report
BETTER business conditions than the
previous month. This indicator
worsened, moving from 32% in the
previous month.

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 liquidity
• Lack of demand
• 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 a Causa de la Crisis
• Trabajo Remote / Home Office
Three main opportunities reported by
surveyed companies:
• New Markets / New Products
• Less Competition Due to the Crisis
• Remote Work / Home Office

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?
34% 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 permaneció casi igual,
pasando de 35% en el mes anterior.
34% of surveyed companies report
that they DO EXPECT TO ENTER into
some M&A or Joint Venture
transaction in the next 6 to 12 months.
This indicator remained virtually
unchanged, moving from 35% in the
previous month.

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?
49% de las empresas
encuestadas piensan que el
regreso a la normalidad tardará
ENTRE UNO Y DOS AÑOS.
22% de las empresas
encuestadas piensan que el
regreso a la normalidad tardará
MÁS DE DOS AÑOS. Este
indicador se duplicó, pasando de
11% en el mes anterior, lo cual
indica una pérdida de confianza.
49% of surveyed companies
think that the return to normality
will take BETWEEN ONE AND
TWO YEARS.
22% of the companies surveyed
think that the return to normality
will take MORE THAN TWO
YEARS. This indicator doubled,
moving from 11% in the previous
month, which indicates a loss of
confidence.

13.
8: ¿Cómo calificaría la gestión de esta crisis por
parte de sus OFICIALES GUBERNAMENTALES?
(Promedie su respuesta para considerar niveles
federales, estatales y municipales)
8: How would you rate the management of this
crisis by your ELECTED GOVERNMENT
OFFICIALS? (Average your answer to consider
federal, state and municipal 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 no ha bajado de
85% desde que iniciamos la
encuesta en el mes de mayo.
88% of surveyed companies
think that the performance of
federal, state and municipal
authorities has been BAD or
VERY BAD. This indicator has not
dropped below 85% since we
started the survey in May.

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)?
44% de las empresas
encuestadas estiman caer en
incumplimiento de obligaciones
contractuales debido a la
pandemia. Este indicador lleva
tres meses de incremento,
pasando de 26% en Agosto.
44% of surveyed companies
estimate that they will breach
some contractual obligations due
to the pandemic. This indicator
has been increasing for three
months, moving from 26% in
August.

15.
Las empresas encuestadas ven muchos más riesgos
que oportunidades actualmente:
RIESGOS
• CARTERA VENCIDA
• MENOR FLUJO DE EFECTIVO
• DESCONFIANZA EN POLÍTICAS PÚBLICAS
• FRACASO POR DEMAGOGIA
• VOLATILIDAD ELECCIONES EN EEUU
• DESEMPLEO A CAUSA DE LA CRISIS
• POCOS NUEVOS PROYECTOS
• REVERSA A REFORMA ENERGÉTICA
• INCREMENTO EN CASOS DE COVID
• CORRUPCIÓN
• DEBILITAMIENTO DEL ESTADO DE DERECHO
• POCA O NULA INVERSIÓN PRIVADA
OPORTUNIDADES
• INNOVACION
• ECONOMÍA DE ENTREGA A DOMICILIO
• MEJORES PRECIOS DE ALGUNOS COMMODITIES
PRINCIPALES RIESGOS Y OPORTUNIDADES
MAIN RISKS AND OPPORTUNITIES
The surveyed companies see far more risks than
opportunities today:
RISKS
• PAST DUE PORTFOLIO
• LOWER CASH FLOW
• DISTRUST IN PUBLIC POLICIES
• FAILURE OF DEMAGOGIC POLICIES
• ELECTION VOLATILITY IN THE U.S.
• UNEMPLOYMENT DUE TO THE CRISIS
• FEW NEW PROJECTS
• REVERSAL OF ENERGY REFORM
• INCREASE IN COVID CASES
• CORRUPTION
• WEAKENING OF THE RULE OF LAW
• LITTLE OR NO PRIVATE INVESTMENT
OPPORTUNITIES
• INNOVATION
• AT-HOME ECONOMY
• BETTER PRICES OF SOME COMMODITIES

16.
NURICUMBO + PARTNERS

17.
COMPANY
PROFIT
Our Firm at a glance
Key Facts Industries
• 50 CONSULTANTS
• MULTIDISCIPLINARY
• BIG 4 BACKGROUND
• INTERNATIONAL
EXPOSURE
• EXPERTS IN LATAM
• WILLING TO TRAVEL
• FLEXIBILITY
• BILINGUAL / BICULTURAL
Professional
Organizations
Our Service
Portfolio
• MANUFACTURING
• FINANCIAL SERVICES
• PROFESSIONAL SERVICES
• TRADING
• RETAIL
• ADVERTISING
• EDUCATION
• PRIVATE EQUITY
• FAMILY BUSINESS
• MEXICAN INSTITUTE OF
PUBLIC ACCOUNTANTS
• MEXICO CITY ACCOUNTANCY
BOARD
• MEXICAN INSTITUTE OF
FINANCIAL EXECUTIVES
• ILLINOIS ACCOUNTANCY
BOARD
• AMERICAN CHAMBER OF
COMMERCE
• EXTERNAL AUDIT
• INTERNAL AUDIT
• PART TIME CFO’S
• INTERIM
MANAGEMENT
• FORENSIC
• TAX
• TRANSFORMATIONS
• ADVISORY BOARD
For more information: www.nuricumbo.com
EY PWC. BBVA / BANAMEX ZIMAT CIT
METLIFE LESAFFRE
KPMG DELOITTE. INTERPUBLIC BOMBARDIER +GF+
GM KANDEO
1990 1995 2000 2004 2005 2010 2015 2020
Formal launch as
independent consultancy
Professional Experience
as Employees
History
Some of our interventions as
Consultants

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.
COMPANY
PROFIT
Armando NuricumboRodrigo Llanos
Miguel Amador
Guillermo Lagos
Former CFO / AuditorFormer Investment Banking
Former Controller / Auditor
Former CEO
Jesus Bush
PWC. IPG. Bombardier. RGP.
25 years of experience.
Valmex. Inverlat. Arka.
30 years of experience.
Whirlpool. Banco Azteca.
30 years of experience.
EY. Smurfit. Maxcom. Devlyn.
25 years of experience.
3M. Imperial Chemical. IMEF
30 years of experience.
Some members of our consulting team
Alejandro Rico
Tax Advisor / Auditor
KPMG. Confies.
25 years of experience.
Jose Trevino
Former NAFTA Negotiator
Colmex. Comce. Cancham.
30 years of experience.
Oscar Becerril
Former Banker / Credit VP
Scotiabank. Citi. Fonatur.
30 years of experience.
Roberto Fernandez
Former CIO
AT&T Capital. CIT. Alta.
30 years of experience.
Enrique Ugarte
Former CEO
ProMexico. CCE. Edomex.
30 years of experience.
Former CIO
Marisol Baca
Former PMO
CFE. BID. Real Financiera.
25 years of experience.
José A. Ventura
Former CFO / Auditor
PWC. Truper. BristolMyers.
30 years of experience.

20.
COMPANY
PROFIT
Internal Audit Support
2
0
We can enhance your audit projects in Mexico,
Latin America, or anywhere else.
Talent Mobility
Flexibility Capabilities
Our consultants can travel in Mexico, in
Latin America, or basically anywhere you
need them. We have successfully
delivered audit projects in many countries.
We are particularly effective where
English, Spanish or Portuguese is spoken.
Worldwide Mobility
We have a multidisciplinary approach,
combining specialists in internal controls,
forensics, IT, business intelligence,
process automation and compliance. We
have an internal quality function to ensure
objectives are always met. The result is a
powerful combination of skills that allows
us to deliver extra value in each
engagement.
Special Audit Capabilities
Talented Senior Consultants
Maximum Flexibility
Our talent is available under a very
flexible model. We have delivered
projects that have taken 1 day, 1
month or 1 year to complete. Our
rates are the best in the market. We
can manage co-sourcing or out-
sourcing audit initiatives. And in
Latin America, we have the local
knowledge and insight.
We have a solid base of senior audit
consultants, all of them highly
trained and with rich experience in
multinational environments, ready to
support your audit projects.
Our objective: To work with the best internal audit departments around the
world, to help their organizations to manage better the risks and
opportunities of their global operations.

21.
WHAT WE THINK
Fear and Euphoria
The Lebanese Mirror
How is a pension system like a dinosaur?
Zombieland
Welcome USMCA. Now what?
The New Battlefield
Reinvention Process
The Double Valley of Death
OUR YOUTUBE CHANNEL
Historic Lessons of the 1918 Pandemic
Willingness to Pay & Value Stick
James Francum – Perspective from Germany
Juan Carlos García: Perspectivas 2020
Toshiyuki Yasui: Chief Happiness Officer
Antonio Prida: Mediación
Max Zimmermann: Relación con Inversionistas
Oscar Becerril: Cómo superar COVID-19
OTHER
Mexico’s Top 25 CFO’s of 2017
¿Por qué medir la confianza económica?
Interview with Ana Maria Salazar (ADN40)
Entrevista con el Embajador de España en México
Entrevista con Pedro Ferriz de Con – I
Entrevista con Pedro Ferriz de Con - II
Nuricumbo + Partners in the Media

22.
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