...project financing schemes, particularly for projects related to military base realignment. It also now pushes strength in public-sector asset management to private-sector clients.

“There are specific projects being created by tapping into creative sources of finance in areas as diverse as a bridge or a fertilizer plant,” says FMI’s Rice. “The challenge will be met not by multibillion-dollar projects but by creative engineers, contractors, public officials and financiers figuring out how to create a project. This could be a big opportunity.”

Rice and others note that even in public-sector procurement, relationships will be key. By “working on relationships over the years,” says Glenn R. Bell, CEO of Simpson, Gumpertz & Heger Inc., the firm has boosted revenue in alternative-energy markets, to 15% currently from almost zero. But, he concedes, decision-making in a changing landscape isn’t easy. “If you act too impulsively, you can go down blind alleys and waste time and money,” he says. “If you are too slow, you will miss opportunities.”

Firms voiced strong opinions on whether size matters, with strong differences on whether small, medium or large firms were best able to withstand today’s market adversity.

Small firms see themselves as more nimble and able to adjust quickly to new opportunities. “We may have missed some of the meteoric rise many firms experienced before tough times set in,” says Tim Groover, president and chief operating officer of engineer-architect WileyWilson Inc., Lynchburg, Va. “But we are convinced this approach softened the effects of the economic slowdown.”

But large firms see strength in their mass and diversity. Smith Group CEO Carl Roehling likens a large firm to a “complex organism” that can adapt more effectively to outside conditions, as opposed to a small firm’s “single cell.”

But medium-sized firms, which often are considered the most vulnerable, see their prospects differently. Winzler & Kelly’s Skavdal says medium-sized companies such as his combine the best attributes of all firms. “We have the resources and capabilities to function like a large firm, but we are small enough to change directions quickly. It’s like being able to turn a speedboat with the engine of the Titantic.”

Others believe company size isn’t the issue. “It’s not a matter of size but a matter of will,” says Eric L. Flicker, senior vice president of Pennoni Associates. “Management needs to accept the need for change and then make it happen.”

Industry executives also say the recovering sector needs players of all sizes and capabilities. “There’s room for everybody. Agility is the word for 2010,” says TLC’s Lupton. “The key is to refine your focus and service offerings and build sustaining relationships with important players in new markets, recognizing that they may be different than those of the past.”