A great tip for a successful business meeting over the phone is to keep the meeting centered around an agenda that has been prepared and previously sent out to all participants of the teleconference. In the agenda, be sure to add the sort of rhetorical questions that are going to foster dialogue from participants.
Another important factor when hosting a telephone conference is to make sure that you are actively doing your best to pull the meeting back to the core agenda. It is easy to get lost on a topic and suddenly be discussing something that, while it is technically a business matter, is not on the agenda for this particular meeting. When that is the case, simply nudge the group back to the agenda and keep moving forward with things as scheduled.
As these issues come up, be sure to keep a list of them so that they can be addressed during future meetings. Some of them may be items that are possible to correct right away, and others may take quite a bit longer. Write them down and move on. Also, take a minute to address any old business that may be lingering out there from the last group meeting. Certainly don't waste anyone's time on old or new business.