We work internally the same as we work with our clients. Only doing what we need to archive our goal and then Continually improving on what we have.
When we first started we did a quick 1 hour session and created an initial logo which is basically our name with the strap line underneath in a font that we selected ( http://www.monigma.com ). The font caught our attention as it looks unique and has a sort of iconic look.
Now a couple of years on and we are at the point where we want to revisit the image of the company and this starts with the logo. :)
We require a logo to be created that includes the company name, strap line. It should be able to sit on different solid color backgrounds. Also have something that captures/illustrates the iterative/agile way that our company works and at the same time looks a bit more then just a couple arrows grouped in a circle, IE like this http://www.logigear.com/images/circle.jpg. This does not mean that that this concept is totally out, we just don't want a boring arrow based logo as this has been done a fair bit.
One idea that we have been bating around is the concept of the logo going from a concept and getting improved. So the logo would go from a sketch with a white board marker, to a pencil draft to a computer/CAD outline to a refined look, front left to right. This is only one idea and is not a mandate :)