I've blogged about small business meetings before. Meeting on a regular basis with your employees is a critical mechanism for reducing your stress and creating a profitable business. A lack of communication can be one of the biggest profit leaks in your business.
There is also a significant external dynamic happening today. According to the Harvard Business Review blog , there is a performance management "revolution" happening.
Companies are changing the way they manage employees. Many are moving away from the annual review process toward more frequent check-ins where feedback can be given and received. According to the Harvard Business Review article, "Employers are finally acknowledging that both supervisors and subordinates despise the appraisal process—a perennial problem that feels more urgent now that the labor market is picking up and concerns about retention have returned."
A tightening job market is making hiring and retention a major problem for small businesses and the process of providing feedback is seen as a major component for driving retention.