I thought I would add to the above from Accounting Web - great article.
The real question is do you face growth head on and invest for the future or do you place it into reserves. Times could be tough next year?
The issue is that each investment needs to be considered in its own right. There are the Must Do'd - these items are business critical and may even be statutorial. Next are the need to do's - they may be put off until the time is correct. Then there are the want to do's. Things that may be slightly more anity than business focused.
Sometimes there are those reputational items, however the main drection is consider the return on each investment. Will you get a return. As the article ends some opportunities have a shelf life and need to be considered quickly.