Set-up the performance space with regard to microphone placement and proper acoustics. Big budget music studios will actually contract a acoustic specialist to create the ideal recording space.
Record everything. Some of the best recordings were made either accidentally or when the artist was merely practicing or improvising. The true masters of music recording begin rolling when an artist enters a space and continues until they leave. All sorts of gems, whether complete songs or pieces of multi-tracked guitar solos have been discovered this way.
Check the recording software regularly so that it is updated, has the latest configurations and is working appropriately with all other pieces of equipment. Music producers who waste time troubleshooting while recording are losing money right out of their pocket. It is best to work out the kinks without the band being present.
Practice. When done, practice again. When it seems like everything is perfectly managed, start the practice process over. The best way to become a master is by trying to record as many types of groups in as many possible ways as often as possible.
Critique yourself and allow others to critique you. Suggestions and recommendations will help transform the person recording the music from an amateur to a professional, and then into a master of their craft.