A collaboration space is essential for managing a team or department. Physically, it can be as simple as a set of folders/directories that only your team can see. A SharePoint site is perfect for those that have that application, but several cloud-based alternatives exist also, such as http://basecamp.com.
The space should be maintained either by the manager or team librarian. It should contain a section in which everyone has read-write access and a section which only the management team has write-access. In this latter area, the manager(s) can store the team operating principles, policies and procedures, meeting notes, and templates. The team contact information should also live here, preferably as a PST or address book file that can be downloaded to employee’s Blackberry or smart phone. SharePoint allows a calendar, which can also sync to personal calendars if using Outlook 2007 or later. The calendars are obvious tools for on-call responsibility and vacation notification.