How do you respectfully ask for a promotion when team is doing poorly

ar169's picture
Rank: Orangutan | 316

If you are up for promotion and you have put in the effort individually to deserve a promotion, but the team headcount and dept revenues are cited as issues then what do you do - How do you approach your boss to get the promotion? or press him for it?

PS - I Understand the alternative is to just rip the bandaid and leave for another firm, but if that is not an option in the short term (6 months), then what?