My Bottom Line: Peter Bamford, Supergroup plc

Peter Bamford is the chairman of fashion company Supergroup plc, whose brands include SuperDry.

He says while it is common sense for businesses to focus on delivering good customer service, they should also focus on the customers who prove to be the most profitable and specifically target them.

Furthermore, companies should also focus on the products and locations which produce the biggest profit margin, and focus their energy on these areas.

Peter appeared on The Bottom Line which is broadcast on BBC Radio 4 and BBC World Service. Listen again via the download or watch it on the BBC News Channel.

Find more business wisdom from other chief executives on the My Bottom Line website.