Well I don't believe in "time outs" or "reasoning". Growing up it was do what you're told without delay & when you're told to do it with a "yes ma'am/sir" or "no ma'am/sir". I operate the same way my nana did; I'm only going to tell you once, I will not repeat myself.
My kids have total control over whether or not they get hit, by keeping their hands to themselves. If they want to go toe to toe with me, they will regret it and I won't feel the least bit bad about it.
So it'll be fine when your kids get bigger and start hitting you back when you hit them then?
This house is not a Democracy, it is a Dictatorship, and I am it's Dictator and I will rule as I see fit!
My kids get hit, when they hit. So the rule here is, "If you don't want to be hit, then don't hit", it works like a charm!