The Secrets to Good Logo Design

You may be surprised to know that a good logo design has little to do with its color, shape, size, aesthetics, or whitespace. Not to say that these elements are not important, because they are, but only if used correctly and purposefully. Paul Rand (best known for IBM, UPS, and ABC logos) explains a logo’s purpose:
A logo is a flag, a signature, an escutcheon.
A logo doesn't sell (directly), it identifies.
A logo is rarely a description of a business.
A logo derives its meaning from the quality of the thing it symbolizes, not the other way around.
A logo is less important than the product it signifies; what it means is more important than what it looks like.
Quoted from and article originally published in 1991 by AIGA, the professional association for design, and was included in the book: Looking Closer: Critical Writings on Graphic Design

So in the end, it does not matter what your logo looks like as long as it fulfills its purpose. However, if you find that your logo no longer serves it’s purpose or no longer aligns itself with your companies core values it may be time to, gulp, re-brand.