Well, if it's bleeding a lot, you need to put something on it to stop the bleeding.  Styptic powder is best, drug stores sell it, as do pet stores.  But, if it's cracked like I kind of think you mean, it's probably not a major bleed, more of just sore and tender?
Is it cracked in the way I'm thinking, you probably need to use something that will soothe it and moisturize the skin.  Triple antibiotic ointment like Neosporin would be good for at least a few days to help ward off infections -- an ointment is oil based and waterproof or at least water resistant.  You probably will need to apply it 4 or 5 times a day, since it will wear off quickly.
Long term, I'm thinking something more like aloe vera or maybe even cornhusker's lotion or vaseline petroleum jelly. 
I wonder if maybe some olive oil in the diet would help, too?
I'm no expert, so I'll be anxious to see what other people say.