Foulweatherjack said..
...followed by a coat of marine wax.
Clean off the wax immediately. It'll keep water from sticking to the foil and make it much more likely to ventilate (suck in air and lose lift).Even fingerprints from Tefgel on a wing will cause this. Plus, it increases drag. What you want is a clean, oil free environment on the wing. Water should not bead up but stick to it. The adhered boundary layer lets the main flow slip easily past.
The optimal sanding grit for a foil is debated and as much depends on the speeds you'll usually travel. If you aren't racing for money or prestige, there is little demonstrable benefit to going above 600-800.
boardlady.com/fast.htmEdit: The only thing I'd disagree with the Board Lady on is that most now sand in the direction of the water flow. There is some research that supports that as well (and that research suggests the optimum grit for low speeds being as low as 200). Also bears repeating for others, super important that in sanding the original shape of the wing is retained. Fill the ding, then sand. Don't just "sand the ding out" and alter the profile of the foil.
Edit, edit: not trying to make you feel bad about the wax but it will have a negative impact the first time you use it until you remove it.