Here is a sign that says “elevator 6” down in the parking lot of the building I live in. The designer took the functional approach: squeezing the words “elevator”, “6”, and an icon for an elevator and an arrow all in one line. That resulting graphic had an aspect ratio that did not match the sign. Solution: stretching and distorting the text so that now, it does fit all the available space.
Other solutions:
Use a sign with a longer aspect ratio
Leave white space above and below the text
Leave out information that is not required: the word “elevator” is not needed when you put a logo, the arrow does not add much if the sign is straight next to it.