Your logo's jobs are: 

1. To communicate to your target audience. Your logo should tell your business's story to your target audience. The 4 things you need to know: 
  • Who you are (your personality, values, and mission – as a business)
  • What you do (the products/services you provide, and how you deliver them)
  • What makes you different from your  (what makes you stand out?)
  • Who you can best help (what customers do you enjoy working with?)
Remember that your brand's job is to communicate the first 3 points above to the audience described in the 4th – not to "explain yourself in your own words", but rather to explain yourself in words they will connect and identify with.

2. To stand out. The logo has to stand out from the competition's art, and to be memorable for your prospects and clients. If it doesn't look different from your competitors' logos, then it may be mistaken for theirs – which can mean that they'll assign your communications to your competitors in their minds – which is definitely not what you're going for.

And, if your prospects can't remember your logo, then it will be harder to catch their attention. It's not often that someone will have a need for your product or service the second that they come across your materials – it's much more common for someone to shop around for a product or service. If they can't remember your logo, and by extension, your company, then you might not get the project or sale.