I agree with everything that Thomas has said. But I'm going to look at it from a bit of a different perspective—the macro perspective.
One of the perspectives we had coming into the recession was that a lot of existing small and medium-sized businesses—I'm not talking about start-ups or the venture capital clientele—are actually better positioned than in previous recessions. The balance sheets and debt loads are in better shape; they have a more disciplined approach to finances and cash management.
As a result—and I'm not denying for a moment that there aren't areas of problems—a lot of businesses have been able to withstand the pressures of the recession relatively well. They've been able to use the challenge they face and turn it into opportunities. They've been very disciplined on cost. They've been very disciplined in seeking out ways that they can become more efficient—because they do have challenges with existing customers who weren't able to carry on—in trying to find new markets.
It's not a gloom-and-doom story universally. There is strength coming into the recession on the part of small businesses. If you look at the global statistics on small businesses, there are actually more being created.
But for the 20% of the marketplace that exports, going forward the big challenge is the United States of America. Is that market going to turn around? Are American customers going to be buying again? Domestic firms that rely on the domestic marketplace have in some ways had an easier go of it. So I think a lot depends on what happens with our friends south of the border.