I like to talk to the client, get to know their views on the project. I will draw up a contract that describes the project and terms that we can both agree on (ie: is it a work for hire and if so, I like permission to use the piece in a self promo context only), then get to work.
I will do a rough sketch of the project, send it to the client for revisions, then tighten up the art and let the client see the near finished product for another review.
Then I will finalize the art and send it print ready to them, along with all files and any original hand drawn art. I will keep copies in my archive as backup. I'm very aware of the clients wishes and realize that if you pay for something, you should get what YOU want, not what an artist thinks you should have.