Redness around the nose: If the skin around your nose gets inflamed, as it often happen when you get a cold, wash it with a mild cleanser and then apply a rich balm as overnight treatment (like Weleda Cold Cream or Metta Face Balm).
Cracked lips: Chapped or cracked lips are not only visually unappealing, but also terribly uncomfortable. Apply plenty of lip balm throughout the day and every night before going to bed, until your lips have healed. Avoid lip balms with fragrances, which may only worsen the irritation. Try Waxelene or Henné Organics Lip Balm.