A security guard is the first responder to a minor workplace accident where a worker has a deep cut on their arm, bleeding profusely. After ensuring scene safety and calling for medical assistance, what is the immediate first aid step?

1. Wash the wound thoroughly with soap and water to prevent infection.
2. Apply a tourniquet immediately above the wound.
3. Elevate the injured arm above the heart without applying pressure.
4. Apply direct pressure to the wound with a clean cloth or sterile dressing.