The Break-Even Leak
A full pipeline isn't the same as growth; chasing only new clients can cost more than it brings back.

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The mechanism
The chart shows one line falling as an agency leans harder on winning new clients. Left to right are the phases from "early wins" to "running to stand still"; the line is how much growth each dollar spent to win clients brings back. It slides down past a dashed break-even line, where new spend only replaces the clients who left. Past that point you're paying more to stand still than you'd have paid to keep the clients you had.
Part of Persistence. Infrastructure that keeps growth compounding past founder heroics.