A great way to improve your technique, accuracy, power, and speed is by repetition, and a lot of it.  There are many methods in doing drills like this, and everyone can agree that we should practice.  How would you go about practicing?  What types of conditioning are good at this type of development?  I am going to tell you what has worked for me during my years of experience, and has improved my technique, speed, and power.  This drill is what I call the one minute drill.
Technique
Proper technique is critical in being an effective fighter.  Anyone can throw a punch or a kick, but it takes years of dedication and practice to find tune your technique correctly and help you to become a better fighter.  Great technique will out last poor technique.
For this drill, work at one minute intervals for each action.  Focus not on speed or power, but follow through.  It is important to have an instructor who has demonstrated the technique properly the first time.  It is also good to have a spotter or a mirror to watch your techniques with scrutiny.
Focus on the following:
Jab for one minute / switch sides
Back fist for one minute / switch sides
Cross for one minute / switch sides
Hook for one minute / switch sides
Uppercut for one minute / switch sides
Hammer fist for one minute / switch sides
Rapid Punch (Horse stance punches or Punch out) for one minute / alternating arms
Now that we got the boxing / punching techniques out of the way, it is time for kicks.
Front Kick for one minute / switch sides
(For the front kick, make sure you chamber your leg correctly, extending and drawing back.  Set down and repeat.)
Round Kick for one minute / switch sides
(Same as the front kick)
Side Kick for one minute / switch sides
(Same as above)
Hook Kick for one minute / switch sides
(This is a kick mostly used in traditional fighting styles.)
Thrust Kick for one minute / switch sides
(Same as above)
Conclusion
If you are first starting out in a martial art, or you do not have the conditioning required, it is a good idea to start small.  Focus on the Jab and Cross and maybe a front kick to get your started.  If you are an advanced martial artist, I would expect you could do the whole thing.  Continue looking for the blog post as we talk about Accuracy.