In the office environment, timing is everything whether it is a transfer, promotion or raise. Knowing when, and more importantly, how to ask for a raise can make the difference between a gratifying yes and a devastating negative. With so few companies offering annual raises, it sometimes becomes necessary to take matters into your own hand when it comes to increasing your pay.

The first step to asking for a raise is understanding the company’s current economic environment. For example, asking for a raise when the company just cut departmental budgets or has suffered major financial setbacks is not the ideal time to ask for additional compensation. If there are no major negative financial issues on the immediate horizon, consider moving forward with the plan.

Know your net worth. Not in terms of money in your bank account, but rather your value to the organization. This means a detailed listing of dollars saved, projects which had a successful impact on the bottom line. Knowing your worth, however, is not limited to the impact you have had on the company, though it plays a major part. Knowing your worth also means to be aware of what other companies are paying employees in similar position, both locally and nationwide. This information is not, however, to be used as a resignation threat.

Have your plans mapped out for the future. Are there major projects in the works for your department? Do you know your role in completing those projects? Have a game plan on how you plan to make a positive impact on helping the organization grow and prosper. While it’s good to think out of the box, make sure the ideas are not so farfetched that they could not possibly come to fruition.

Keep any attitude or sense of entitlement out of the meeting. Don’t approach the meeting in self righteous indignation that your salary is absolutely unacceptable. Remember that no one in the organizational is indispensable, including you. Approach the meeting in a friendly, professional business frame of mind.

Business is business. If the answer is no, you may have the opportunity to appeal. If the answer is a firm no, the best you can do is to accept the answer. Pouting, whining or talking bad about your supervisor is not the way to secure continued success or future increases or promotions. The decision is a business one and should not be taken personally.