A decline in search visibility has a small number of plausible causes, and they call for entirely different responses. Something on the site changed. Something at the search engine changed. Something in the competitive landscape changed. Or the demand itself changed, and the site’s share of it is unaffected.
That last possibility is the one most often missed. A seasonal business seeing its worst August in years may be looking at an algorithm change, or at a market where fewer people are searching. The two look identical in a traffic graph and require opposite responses. Establishing which you are dealing with is the first hour of the work and determines everything after it.