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You should analyze everything, even your clients and your competition. It will always be profitable to know why your clients chose you and your services and why others decide not to.
Discover who might need your services and just doesn’t know it yet, and learn from your competitors. By doing this, you will find out what works, what doesn’t, what can be improved, what’s profitable, and what’s not.
Learn what is taking too much of your time without bringing any profit, what should you invest more time in, new opportunities, what your competitors are doing, what tools and channels they are using and what would you have them improve… Analyze everything, always.