The most important thing - do not micromanage. Trust your employees.
To be perfectly honest, you want to be in a position where the only thing you're doing is making sure they don't get overworked and aren't doing projects that don't make sense. All you need for that is a simple repeating team meeting where you talk about what you've been doing and whats coming up.
If you have a problem employee, deal with
In short, treat them like fucking professionals.