Whether you keep and grow what you win
One client never grown into an account, and revenue treated as something that happens to you.
One client is never grown into a bigger account
The answer is not only finding new clients. There is also increasing project frequency, working with more teams inside the same company, getting introduced to another department or another office, working across project types, becoming part of planning earlier, getting repeat agreements, becoming harder to replace.
A studio says "we have this client", but maybe they know one person, the company has five offices, and twenty other people there buy visualization. They manage each project separately instead of managing the client as an account.
Revenue is treated as something that happens to you
No long-term agreements. No way of speaking as a partner so income keeps coming from the same client. Everything is project by project, inquiry by inquiry, invoice by invoice.
Team cost is fixed. Software is fixed. Rent is fixed. Management is fixed. But the revenue is random. That is what creates the cycle: busy, too busy, quiet, panic, discount, busy again, hire someone, quiet again.
That is one group of six, and they compound. Fixing where the work comes from only matters if the next set is working too.
The business underneath all of it
The AI question, no business model, the wrong hires, capacity mistaken for growth, pricing by feel, and profit as leftovers.