How many times have you heard someone say, “I wish I could make more money?” Maybe you’ve even said that yourself.

But before you ask your boss for a raise you need to have a plan.

“Preparation, preparation, preparation,” said Marlene Wallace of Career Concepts Inc. “All through the year you should be keeping a list of your quantified accomplishments. Keep a record of all your emails that praise you on various things. You have to go in there prepared. You can’t just say it’s time, I’ve been here. You’ve got to show your value.”

That means telling your boss what you’ve done and how much it benefits the greater whole.

“It’s all about the company. It has nothing to do with you and what your needs are,” said Wallace.

However, what you say is just as important as when you say it. Wallace said that an annual performance review is a good time to approach the subject and suggests asking for an appointment three to four months in advance.

Also when you ask, make sure it’s a good time for the company.

“In other words if they are doing some massive layoffs, not a good time! Not a good time to ask for a raise,” said Wallace.

As for how much of raise is appropriate, Wallace believes 5 percent is fairly standard. However, she adds 10 percent is becoming more common. The most important thing is to let your boss throw out the first number.

“You can always counter. But if you counter, do it pleasantly, do it graciously, do it professionally, and do it with additional solidified information of why,” said Wallace.

You should also be prepared for the possibility that a boss will say no. If that happens, Wallace suggests employees take it in stride, and under no circumstances should they ever threaten to leave.

Copyright 2014 WBRC. All rights reserved.

Original Article: