Wait................at least 30min. before you track, and that's on a perfect hit. Lousy hit wait accordingly, too far back? Back yourself out......of the woods that is. Give the animal a good 4-6 hours then come back and track.
After recovery I do pretty much the same as everybody else. Poke it in the rump with the tip of your arrow to make sure it's dead, but be ready for a follow up if it gets up.
Then I start thanking the Lord for the gift of protein and allowing me to be able to hunt his wonderful critters.
Take some pics if I have a camera which I normally do because the cell phone pulls double duty as a field camera.
Then I gut the animal before I tag and drag. I lost my tag one time because it came off while I was dragging it out, so now I wait till the animal is either up on an ATV rack or it's been drug back to the truck.
We have to notch our tags now like some other states so that will be done first and foremost when the animal is recovered and that voided tag makes it a legal kill.
Best advice is to go with your buddy Mike on one of his tracking jobs and help with the field dressing, get in there and get your hands bloody. That's the best teaching experience you can get.
Be sure and take care when field dressing to keep leaves, sticks, and other debris out of the cavity. The cleaner job you do now will save you lots of clean up time later, or a happier processor whichever you decide to do.
Keep it hanging someplace cool and out of direct sunlight.
Lastly, if it's a wall hanger buck......dont' hang it by the rack! It stretches the cape and your taxidermist will cuss you for it. Get the caped head to the taxidermist as quickly as possible or freeze it immediately. If you let it sit around for several days not frozen the hair will start to slip and fall out.
Best advice if you get a wall hanger......call a taxidermist as quickly as possible and they will walk you through the process of storing the head and cape properly.
One last thing, if it is a wall hanger......don't split the hide any further up the brisket than the rib cage. Too far up the cowel under the buck's neck will mean more stitching/repair work for the taxidermist later on and even more cussing.
Good Luck!