The last step is to shrink the clear tubing with a heat gun. Please DO-NOT use flame or over-heat the clear shrink. Applying more heat than is necessary serves no benefit. Just shrink it until it is tight and you;re done. For duplex wire (two wires in one jacket) in 12GA and 14GA I use 1/2" clear shrink (not adhesive lined). For larger battery cables I use 3/4" to 1".
The application of the clear heat shrink over the label creates a label that is robust enough to survive in the marine environment. This is one of the only methods I've found that actually lasts and lo and behold it's also one of the least expensive.. It takes a little more time to do it this way but as you become proficient it moves along quickly.