I've been running my own businesses for most of my working life.
The key to which is having happy, motivated staff. That will get productivity up and sickness absence down.
I do hope you are not a manager if you don't know that personal problems are every bit as important as interpersonal problems. You need to know who is having domestic problems, who needs flexibile working hours to care for an elderly or ailing relative, who is brooding about a milestone birthday, who is worried about the vet bills for a sick pet, etc. etc. That means your staff have to trust and confide in you, which is much easier if you meet every day.
Colin Bignell