Asking for a raise or promotion can be challenging. One slipup could derail the conversation and cost you your raise.

Research your worth, document your wins and provide examples of competitive salary data can prove essential in getting you a raise. An accurate record will also strengthen your position for further advancement - particularly when dollar savings or revenue generation can be displayed as proof.

1. Know Your Worth

No matter whether it is to negotiate an increase in salary or new responsibilities, preparation is key for meeting success. That doesn't only include researching average salaries in your industry and position but also understanding what tangible contributions and value-add you bring to the table that are measurable and significant.

Carefully consider your company's recent successes and challenges, as well as how your contributions make the company better, according to career coach Marie McIntyre. Perhaps snaring a large client, improving an inefficient process or landing new contracts could all serve as ground for a raise.

Ducot recommends building a network of supporters that you can tap for references when making your request, though oversharing personal details about your finances should be avoided as doing so may make your manager think you are beggaring rather than building an effective case. Finally, take note of your company's budget cycle and if possible schedule discussions with your manager beforehand in person or over video conference, Ducot advises.

2. Know Your Company’s Budget Cycle

Budget cycles of your company can have a major impact on your salary prospects. Many organizations have set times each year when they evaluate raises, job titles and bonuses to determine pay levels; it is wise to learn when yours does so that you can plan accordingly.

For example, if your company conducts performance reviews during the first quarter of each year, it might be beneficial to ask for a raise early rather than waiting until after your review to ask for one. That way, your manager has time to consider your request and may be more open than ever to giving you an increase.

As part of your preparation, it is also helpful to understand what your company expects of employees in terms of salary expectations. Some employers give raises based solely on cost-of-living increases while others consider performance evaluation when awarding raises. Knowing these expectations beforehand will allow you to come prepared with information on what exactly should be awarded as compensation at meetings with HR representatives or HR departments.

3. Know Your Company’s Culture

Many companies have specific cultural norms and expectations that can make an enormous difference when it comes to getting a raise or promotion. Some firms use annual review cycles where managers must go before higher ups for approval before seeking raises, while other have more informal processes where employees may ask their managers at any point throughout the year for an increase.

Some companies also have policies for salaries based on cost-of-living in an area or in recognition of significant contributions made to the company by employees. Before asking for an increase or promotion in salary or status, research your company culture thoroughly including mission statement and careers section to gain the proper perspective.

Knowing the culture of your company can also help you evaluate if they are an ideal match for you. Some firms emphasize fun workplace environments while others set strict deadlines and set measurable goals; if neither seem suitable to you it could be time to look elsewhere for employment.

4. Know Your Manager’s Expectations

Gaining an understanding of your manager's perspective can help position you for future raises. For example, if your company conducts annual reviews, take note when those assessments take place and plan a discussion about salary with them at least two months beforehand.

Avoid making statements like, "you deserve it" and "I've been here so long." These can come across as manipulative and can backfire against you; instead, focus on emphasizing your accomplishments and quantifying their impact.

Be aware that it may be difficult for your boss to grant the raise you are requesting; in such an instance, be courteous and professional when communicating your expectations to them. If they cannot approve it for whatever reason, ask them for feedback about how to strengthen your case in future requests and use this feedback to guide future approaches to management issues. This feedback could provide great motivation as well as provide insights for improving how they'll treat future cases.

5. Know Yourself

Requesting a raise or promotion can be stressful and daunting, but with proper preparation you don't have to make the request in such an overbearing way that leaves yourself looking self-centered or presumptuous.

Researching your industry and competitors is the first step toward creating an advantage over them. Doing this can arm you with valuable information that gives your company an edge in business.

Build your case by emphasizing specific accomplishments and the measurable effects they've had on your team or company. For instance, have you helped close a major deal that saved millions or improved workflow or processes that streamlined critical processes?

Be ready to answer any queries your employer has about your qualifications for a higher position, as this will be an opportunity to show your commitment and plan for continued development within the organization. If you can't convince them you deserve an increase, try to negotiate additional perks such as extra vacation days or educational opportunities instead.