You will get better results over time using positive reinforcement than you will get using punishment, and your child will also have better self-esteem. For this reason, whenever implementing a behavioral plan I try to get parents to start by only using positive reinforcement and then if they aren't satisfied with that, we will move to punishment. Most of the time we don't get there because reinforcement works.
The simplest way to provide positive reinforcement is through praise. Here is a link to 101 Ways to Praise Kids
Other types of positive reinforcement include behavioral charts, marble jars (will discuss in a future post), and allowances.
There are certain behaviors where you obviously want to apply an immediate consequence or punishment (i.e. physical aggression).