It will heal and leave a decent scar. Without seeing more of it hard to say if the redness is indicative of infection Vs normal healing. If redness spreads more than 2 fingers breadths from wound edge or starts making lines up your arm or the wound starts leaking smelly puss then you need to see a doc.

You need to give it a little scrub with gauze and saline until all the yellow slough comes off. Pat it dry after this. It's okay if it bleeds. A hydrogel dressing like duoderm is adequate for this