Having an open-door policy is excellent because it fosters conversation, honesty, and openness. One skill needed to become a better business leader is the ability to actively listen to the challenges faced by your employees. You then must work with them to correct the areas that are causing problems.
However, you must also create boundaries in order to complete your own work. This can be accomplished by scheduling brainstorming sessions so your staff can vent their issues. If there is a personal situation which requires a one-on-one discussion, then it must be managed appropriately.