Trust Your People
Everyone has had at least one micromanager at some point in his or her career. This meddler is like a shadow, hanging around every employee's desk to make sure teach one turns work in on time.
You didn't hire a group of complete idiots (if you did, it wasn't a particularly good management decision). You hired people with the skill and intelligence to get the job done. That being the case, there's no need for you to hover over them.
When employees feel as though they have control over their job, they feel a sense of purpose and are more invested in the entire process. Autonomy breeds innovation and job satisfaction. Babysitting, on the other hand, makes employees feel as though the company doesn't consider them competent enough to do their job. They feel insecure and unmotivated.
Provide your workers with the tools they need to get their job done, and then give them the freedom to do it. To keep updated on their progress without meddling or micromanaging, hold weekly status meetings or ask for regular e-mail progress reports. Then back off.