If, after due consideration, you feel that punishment must be used to control behavior, at least use it effectively. 
The goal should be to use punishment as infrequently as possible.

The following is obviously a partial list.  Others could easily be added.

The following most directly apply to corporal punishment, but should also be considered when contemplating other forms of punishment.

1.  An alternative response, which will lead to reinforcement must be provided.

2.  The punishment must be response and situation specific.  One form of punishment for all kinds of offenses does not work well.

3.  The punishment must be given immediately and consistently.

4.  There must be no escape from the punishment.

5.  The pain produced by the punishment must be intense.

6.  Because the pain is intense, it must also be of short duration.

7.  No sympathy or affection can be connected to the punishment.

8.  Never generalize from the act to the disposition. ("Johnny did a bad thing", not "Johnny is a bad boy.")

9.  Allow, even encourage, constructive expression of anger.