Always analyse a company and compare with leading players in the same industry and come to a conclusion. Do not merely go by growth percentage. It will only tells you from how much sales/profits are grown compare to previous figures and will not give any future potential of the company. For example if A company made LKR10/- profit and B made LKR1000-/ in last quarter and A made profit of LKR30/- and B made LKR100/- in this quarter, A's growth of profit is 300% and B's is 10%. If you go by % you will end up buying A but B has more potential.
Take relative market share in the industry instead of company's market share and take relative growth in the industry instead of company's growth. If the company is having relatively high market share with more revenue generating products(cash cow products), they will experience a low growth since most of the products reached the maturity level. But companies with relatively low market share will show a high growth since they have more scope and have products which are trying to reach maturity stage. Better to go with company having high relative market share and low growth unless otherwise you can see a huge potential in low relative market share/ high growth company.
If you are interested you can have a look on some more strategies which I have mentioned in following tread.
http://forum.srilankaequity.com/t4069-coco-financials
I'm not always look for short term profits instead I use to enjoy much having shares in companies with strategic direction. I try to use products and services of companys' which I hold shares. Some time i use to visit their outlets, offices etc to get the feeling of " this is how my company works" or " this is how products and services of my company". There were few occasions where i got dissatisfied with the experience and sold all the shares of particular company. Because "sustainability" of the company is important factor for long term investment. You may find companies some call them as "lucky companies" even though they do not have a strategic directions they make profits. Some make profits because of backup they have (backup of government, powerful person/s, short term trends etc). But non of the companies will sustainable in making profits long term and highly vulnerable for changes of favourable conditions.
Try out, you will enjoy it even though you make short term losses. But definitely if you can stick to this you will be able to make profits, while you enjoy investing in shares.