Personally, for any business/professional meeting I think it would be most effective to follow Robert’s Rules of Order. (At the end of the post I will link a basic overview of what that is)

The first thing you will need to do is make an agenda to send out prior to the meeting. In the agenda, everything that needs to be addressed should be displayed so everyone is on the same page. Make sure someone takes meeting minutes and distributes them to the necessary parties after the meeting is adjourned (in a reasonable timeframe). Whoever is leading the meeting needs to make sure the conversation doesn’t stray too much from the agenda so that time isn’t wasted. As long as everyone respects everyone’s turn to speak, using Robert’s Rules of Order is the best way to run a meeting (that I know of).