When the talk of the day swirls around downsizing, hiring freezes and pay cuts, asking for a raise might feel like an exercise in futility, if not downright foolishness. The state of the economy, however, shouldn’t be the first thing you consider when deciding if the time is right to request a salary bump. “The No. 1 factor to consider is your value to the company,” says syndicated columnist Bob Rosner, MBA, of Workplace911.com. “How easy are you to replace? Are you making your company money and saving it money?”

As you prepare for the dance of salary negotiations and butterflies flutter in your stomach, warm up by doing some role-playing with a savvy friend or career coach, suggests Janet Scarborough Civitelli, PhD, psychologist, career coach and owner of Vocationvillage.com.

You also want to remember that in rough economic times, high-performing employees are often valued more than ever. “Many companies are looking at how to get more done with fewer people,” says Michael Zwell, PhD, author of Six-Figure Salary Negotiation. “Ask, ‘How can I contribute more?’” As with every negotiation, preparation is key to your success, so arm yourself with these expert tips—guaranteed to increase your chances of getting what you want.

Gather Your Courage

Raises don’t usually fall into your lap; you must work for them. “If you ask for a raise in a way that shows you’re a professional, your boss will respect you,” Rosner says. It helps to keep perspective by remembering the simple fact that your company wants to pay you less while you want more. Identify the reasons you’re afraid to ask ahead of time.

“Women are especially susceptible to some of the possible responses, such as rejection, or being told they’re greedy, unappreciative, not a team player and not as good as they think they are,” says Peggy Klaus, executive coach and author of BRAG! The Art of Tooting Your Own Horn Without Blowing It. Be direct and specific in asking for what you want, she says: “Avoid equivocating language such as ‘I’m kind of thinking that $2,000 would be fine’ when you really want $5,000 but are afraid of being turned down.”

Asking for a raise is a business proposition. “If you’re looking for external validation of who you are, you will have problems,” Rosner says. “Business is business. So get in there and mix it up.”

Document Your Performance

The key to a substantial raise in any business climate is detailing your contributions to your company, says Norman Lieberman, MBA, a headhunter and salary expert with Thepayraisecoach.com. “If you’re doing exactly the same thing that you were hired to do four years earlier, then you aren’t worth more than inflation raises each year.” Write down the systems you’ve developed, responsibilities you’ve taken on, how you’ve helped others and how you’ve impacted the bottom line in a positive way.

Research Pay Rates

Find out what you’re worth in the marketplace so you know whether you are under-paid compared to peers. Payscale.com can help you determine what others in your field at a comparable level are earning. “You don’t want to shoot from the hip during these negotiations,” Lieberman says. “Keep it fact based.”

Consider the Timing

“Men often know to strike when the iron is hot, like after a significant achievement at work,” says Civitelli. “More women should do the same.” Use common sense when evaluating whether your company is likely to up your salary. “If you’re employed in mortgage banking or real estate, the picture at your company could be grim,” Civitelli says. Of course, some companies take a long-term view and continue to reward their best employees as long as they have the financial ability to do so, she adds. Others, however, are more focused on meeting a short-term financial objective.

Be Confident

Women tend to overstate their weaknesses, Rosner says. Don’t under-estimate yourself. You also want to make sure you don’t present yourself like a charity case, talking about mortgage payments or your spouse losing a job. “Be as specific as possible about how you increase revenue and decrease costs,” he advises. If you bring up personal issues during a raise negotiation, you open up the question of how professional and together you are.

Avoid Pitfalls

For some people, asking for a raise feels like a huge risk—what if instead you get fired? “In some industries, there is reason to be concerned,” says Civitelli. “If your company is considering downsizing and you seem like a dissatisfied employee, you’re more likely to be laid off.” However, there’s a shortage of top talent in almost every workplace, and companies want to hold on to valued employees, says Zwell. To keep things on the right track, don’t ask for a raise with a negative or defensive attitude in your tone or body language. “This is a friendly business discussion that should not tick off your boss,” Lieberman says. Experts agree that you should never issue an ultimatum unless you’re prepared to lose your boss’s goodwill—and maybe your job. And remember, Civitelli warns, though these negotiations may feel personal, they aren’t. “Men view them like a fun game and try to win,” she notes. “By contrast, many women see them as ego threatening, and they let the outcome negatively affect their self-esteem and willingness to try again.”

Follow Up

If your boss says she’ll consider your request, then doesn’t get back to you for weeks, always come back and close the loop, Zwell says. “Be friendly in your tone,” he says. “For example, you can say, ‘Two weeks ago we talked about my getting a raise, and you said you would think about it. When can we set up a time to discuss it?’”

Seize the Day

If your boss says no to a raise, it doesn’t mean you’ll never get one. It means you have a chance to find out what it will take to get one in the future, Rosner points out. Ask for achievable goals. There’s nothing wrong with showing some drive. “Most businesses want employees with a little feist,” Rosner adds. Also know what you’re willing to settle for, advises Klaus. And if your inquiry leads you to feel that the possibility of additional compensation—or perks—is remote, be gracious. “They should never know,” says Lieberman, “that you will stealthily begin your search for a better opportunity.”

TIP: Be as specific as you can about how you increased revenue at your company and decreased costs.