My latest read has been Grow Your Handmade Business by Kari Chapin (which is an awesome book, review coming soon) and among all of the greatness in the book one of the things that really caught my eye was her chapter on creating a production plan for your business. Since this is a learning experience for us all I had to share. A production plan or what I've nicknamed it "The Recipe" is a good way for anyone who creates products to keep track of the materials used, how much they cost and if the product is selling. This is ESPECIALLY great for those with terrible memory like me. I put together a sample plan for one of the bracelets that I've made.
In my production plan I included pictures of the finished product, the name of the product, the date it was created, the exact materials used (including prices and where items were purchased), the time it takes to produce, the retail cost, sale price, profit and equipment needed. In the book Kari states that after you have compiled all of your info that you should also keep track of how well the product sells, effective advertising options and customer base. The production plan is the perfect way to not only keep track of everything your making but also helps you track of how well your product is selling, if the product is in demand or if you should go back to the drawing board. No worries if you find that something isn't selling the way you would like, think about what parts of the plan you can possibly re-vamp to make it worth your wild.
I'm currently putting mine together as I type (sorta), hope this helps for you as well :)