PwC interviewed 2,801 companies worldwide, 413 in the region and 36 in Ecuador, in order to learn about the effects of COVID-19 on their performance.

According to the survey, 58% of family businesses in the country project that COVID-19 will generate a reduction in sales. In addition, 61% expect to see growth in 2021 and 83% expect an improvement to occur from 2022.

PwC family business survey result  Photo: Courtesy

PwC also asked about the measures taken towards family shareholders in the pandemic year. In Ecuador, the result was that 58% made a reduction in their salary, 53% said they had made a reduction in bonds, while 22% made an injection of capital into the business. Compared to the world, Ecuador had a higher level of financial sacrifice.

Meanwhile, surveyed family businesses identify five key priorities for the next two years:

1. Expand into new markets and customer segments.

2. Increase the use of new technologies.

3. Introduce new products or services.

4. Rethink, change or adapt the business model.

5.  Improve digital capabilities.

Meanwhile, PwC believes that there are three fundamental pillars for economic recovery: accelerating digital transformation, incorporating sustainability into its strategy and professionalizing the governance of the company. (I)