Meetings should be held to create value. So if you feel a meeting doesn't create value, don't hold it. Letting your employees use that time to work will bring you more value.
Choose your meetings wisely and mare sure you stick to the agenda during your time together.

Your team should a clear idea of what they need to focus on and the milestones to be met, in a quarter.
Failing to have clear deadlines and deliverables will lead to confusion and will sabotage employee productivity.