COMPRENDER LA PROBLEMÁTICA DEL SECTOR EMPRESARIAL DENTRO Y FUERA DE MEXICO ANTE LA PANDEMIA COVID-19. IDENTIFICAR PRINCIPALES TENDENCIAS, ASÍ COMO RIESGOS Y OPORTUNIDADES. 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.

1. ENCUESTA GLOBAL DE RESILIENCIA DE NEGOCIOS
BUSINESS RESILIENCE GLOBAL SURVEY
SEPTIEMBRE / SEPTEMBER
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
113
SEGMENTACIÓN POR TAMAÑO DE EMPRESA
62% PEQUEÑA
29% 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
113
SEGMENTATION BY COMPANY SIZE
62% SMALL
29% MEDIUM
10% LARGE

4. EN DÓNDE OPERAN LAS EMPRESAS QUE
CONTESTARON LA ENCUESTA
26% NORTE, CENTRO Y SUDAMÉRICA
12% OPERACIONES GLOBALES
56% SOLO MÉXICO
2% EUROPA
2% ASIA
2% ÁFRICA
SECTORES ECONÓMICOS
29% SERVICIOS PROFESIONALES
13% FINANCIERO
12% COMERCIO
10% MANUFACTURA
6% TECNOLOGÍAS DE LA INFORMACIÓN
5% BIENES RAÍCES
5% EDUCACIÓN
4% AGRICULTURA
2% SALUD
2% ENERGÍA
2% TURISMO
10% OTROS
PERFIL DE LA ENCUESTA
SURVEY PROFILE
WHERE DO THE COMPANIES THAT RESPONDED
OUR SURVEY OPERATE
26% AMERICAS
12% GLOBAL OPERATIONS
56% MEXICO ONLY
2% EUROPE
2% ASIA
2% AFRICA
ECONOMIC SECTORS
29% PROFESSIONAL SERVICES
13% FINANCIAL
12% TRADE
10% MANUFACTURING
6% INFORMATION TECHNOLOGY
5% REAL ESTATE
5% EDUCATION
4% AGRICULTURE
2% HEALTH
2% ENERGY
2% TOURISM
10% 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?
51% de las empresas encuestadas
encuentran las condiciones
ACTUALES de negocio como
MALAS o MUY MALAS. Este
indicador empeoró, pasando de
47% en el mes anterior.
51% of surveyed companies find
the CURRENT business conditions
as BAD or VERY BAD. This
indicator worsened, moving from
47% in the previous month.

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?
47% de las empresas encuestadas
encuentran las condiciones de los
PRÓXIMOS 6 a 12 MESES como
MALAS o MUY MALAS. Este
indicador empeoró, pasando de
42% en el mes anterior.
47% of surveyed companies find
the conditions of the NEXT 6 TO
12 MONTHS as BAD or VERY BAD.
This indicator worsened, moving
from 42% 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:
29% de las empresas encuestadas
reportan condiciones de negocio
PEORES que el mes anterior. Este
indicador empeoró ligeramente,
pasando de 28% en el mes anterior.
29% of surveyed companies report
WORSE business conditions than the
previous month. This indicator
slightly worsened, moving from 28%
in the previous month.
32% de las empresas encuestadas
reportan condiciones de negocio
MEJORES que el mes anterior. Este
indicador empeoró ligeramente,
pasando de 33% en el mes anterior.
32% of surveyed companies report
BETTER business conditions than the
previous month. This indicator
slightly worsened, moving from 33%
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
• Mejora en capacidades digitales y de TI
Three main opportunities reported by
surveyed companies:
• New Markets / New Products
• Less Competition Due to the Crisis
• Improved digital 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?
35% 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 mejoró, pasando de
33% en el mes anterior.
35% 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 improved, moving from
33% 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?
57% de las empresas
encuestadas piensan que el
regreso a la normalidad tardará
ENTRE UNO Y DOS AÑOS. Este
indicador empeoró, pasando de
42% en el mes anterior.
57% of surveyed companies
think that the return to normality
will take BETWEEN ONE AND
TWO YEARS. This indicator
worsened, moving from 42% in
the previous month.

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)
91% de las empresas
encuestadas piensan que el
desempeño de las autoridades
federales, estatales y municipales
ha sido MALO o MUY MALO.
Este indicador empeoró,
pasando de 85% el mes anterior.
91% of surveyed companies
think that the performance of
federal, state and municipal
authorities has been BAD or
VERY BAD. This indicator
worsened, moving from 85% the
previous month.

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)?
40% de las empresas
encuestadas estiman caer en
incumplimiento de obligaciones
contractuales debido a la
pandemia. Este indicador
empeoró, pasando de 26% el
mes pasado.
40% of surveyed companies
estimate that they will breach
some contractual obligations due
to the pandemic. This indicator
worsened, moving from 26% the
prior month.

15. Las empresas encuestadas ven muchos más
riesgos que oportunidades actualmente:
RIESGOS
• DESCONFIANZA EN REGRESO A NORMALIDAD
• EXCESO DE TRABAJO DESDE HOME OFFICE
• DESCONFIANZA EN POLÍTICAS PÚBLICAS
• VOLATILIDAD ELECCIONES EN EEUU
• MENOR FLUJO DE EFECTIVO
• MENOR NUEVO NEGOCIO
• CARTERA VENCIDA
OPORTUNIDADES
• REINVENTAR LA EMPRESA
PRINCIPALES RIESGOS Y OPORTUNIDADES
MAIN RISKS AND OPPORTUNITIES
The surveyed companies see far more risks than
opportunities today:
RISKS
• DISTRUST IN RETURN TO NORMALITY
• EXCESS WORK FROM HOME OFFICE
• DISTRUST IN PUBLIC POLICIES
• ELECTION VOLATILITY IN THE US
• LOWER CASH FLOWS
• REDUCED NEW BUSINESS
• PAST DUE PORTFOLIO
OPPORTUNITIES
• REINVENT THE COMPANY

16. SOMOS NURICUMBO + PARTNERS

17. COMPANY
PROFIT
Our Firm at a glance
Key Facts Industries
• 50 CONSULTANTS
• MULTIDISCIPLINARY
• BIG 4 BACKGROUND
• INTERNATIONAL
EXPOSURE
• ACTIVE ACROSS MEXICO
• ABLE TO TRAVEL IN LATAM
• 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. 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

21. 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