Should you ask for a raise?

"I think you should ask for a 20% raise this year," your wife says eagerly, leaning over the table.

"I'm not sure," you say in a low voice. "2023 was not a great year. We were 15% below budget and barely profitable. It does seem a little tone-deaf to ask for such a bump."

"But I have never seen you work harder," your wife interrupts. "You have worked nights and weekends, and you even had to cut short a vacation. If you don't ask, your raise will be much lower."

"I don't even know where to begin," you think to yourself. "Should I do a presentation to the board or have a talk with the Chairman of the Board, or what? How would that play out when 2024 is supposed to be the year of austerity?"

You are the CEO – what would you do?