How do I approach this situation with a client or my business in general? Any advice?

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I do WordPress website design/dev. I have a client who brought me 70% of monthly revenue steadily for the last 2 years. Because of that, I wasn’t really able to close more projects so I could reserve my time for his projects. Last months, the inflow of work from that client is decreasing quite a bit, it went from 20% less to 50% less to now 70% less. Every time I ask about what I can expect in the next weeks, he tells me about this project and that project, but a lot of times they never seem to start.

What should I do there? Do I confront him about it? I don’t want to rub him the wrong way and thus losing even more or maybe all of the revenue from him if that would put us in a conflicting situation. The projects were very good but from making 1,5k a week from him to now having 300$ worth of work for the next 2 weeks and even though I’m from some 3rd world country, I can’t operate like that.

What is the best way to approach this?

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