I find that a lot of IT professionals just don't have the soft skills and business skills they need to be effective. How have you approached developing those skills in your team?

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First, but making it a priority and discussing the importance frequently. I've also used 'The Table Group' to perform Organizational Health and Leadership workshops for my direct reports.

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The issue I have found is that a lot of IT professionals don't like to develop soft skills, because many of them don't see them as being important.  Training is too cliche... my approach has always been to personally coach and counsel my team.  However, this only works if you have those skills to begin with.  I think pulling folks aside and giving them real time and real world examples of how they can improve goes a long way than suggesting an online training portal.  Just my two cents.