Baseline Magazine recently had this on leading virtual teams:
1. Recruit Quality  - Virtual team members must be adaptable, self-motivated,  accountable, and collaborative
2. Establish a Charter  - Define long-term vision, short-term goals, standard  operating procedures, individual roles, and channels of support
3. Set Communication Standards - Whether it’s a weekly progress meeting or  response time for e-mails and texts, procedures must be clear and consistent.
4. Create an e-Room - That’s where project-relevant documents, updates on tech  needs, team-wide communications, etc. are posted.
5. Cultivate Information-Sharing Culture  - Send out industry reports, best  practices suggestions, competitor updates, etc., to encourage  knowledge-building.
6. Think In Plural - Increase team visibility, unity, and pride with  accomplishment summaries to company managers stressing “we” achievements
7. Discourage Marathon E-Mails  - Use bullet points, consider “no scrolling  allowed” format. Concise communications keeps team members focused
8. Stress Strategy - Articulating benefits and objectives helps eliminate a  silo mentality among virtual team members.
9. Identify Slackers - Look for long delays on inquiry responses, deadline  lapses, unexplained MIA status
10. Slacker Intervention Tips  - Approach problems head-on; specify  accountability requirements in writing, review progress regularly.
Most (all?) businesses have to deal with teams - with outsourcing, many teams are not located at the same site - and even if they are at the same site, more and more are telecommuting to work.  Virtual teams are 'now' - and learning to work with and manage virtual teams is very important!!!