Here are some design categories that I made sure our finalists fell into. It would be a bad thing to try and fit into all categories - impossible in some cases.
The Letter M: Incorporating the letter M into the icon of the logo.
Bar Graph: With the word "Metrics" in our name, having a logo that represents graphical data may be nice.
Undefined Graphic: There is a lot of value in being able to be identified by a distinct icon. Having a graphic that has no prior meaning can be a first step in that direction.
Tooling: Our target market is the CNC industry. Incorporating something from the tooling industry into the design may be something we'd like.
Other things to consider: Fonts should be crisp, sans-serif, and highly legible, icon should have close to a 1:1 aspect ratio, and gradients should be avoided - unless they can be removed when necessary and still get the spirit of the design across.