It's a fantastic idea to work out your Elevator Pitch. We try to continuously work on ours but had two particularly memorable occasions recently; one at a business conference and another in a 140 Pitch for the very on-to-it Glenn Edley (via his posterous blog )
As this episode on Belly Beyond TV shows, we still need to work on ours!
And in a similar vein, also put together a 40 word bio on the company. Short, sharp and stating exactly what you do and perhaps some key product lines if you have room.
Do another one expanding out to 100 words or so. This is really handy to have not only for uploading to directories but also to be able to pass onto media if you get a chance. Make sure it contains an interesting angle, what makes you different from everyone else?
Spend a bit of time on this thinking about what YOU do as a business, what is your mission?