Contact: Perry Smith Business Editor Phone: 661-287-5599
S A N TA C L A R I TA VA L L E Y
BUSINESS JOURNAL BJ INSIDE SPOTLIGHTS B4 A message from the SCV
Email: psmith@signalscv.com Mail: 26330 Diamond Place Suite 100 Santa Clarita, CA 91350 SATURDAY, DECEMBER 26, 2020 · WWW.SIGNALSCV.COM · B1
A LOOK BACK AT WHAT WAS FOR 2020, WHAT’S COMING IN ’21
Chamber B5 SCV Chamber advocacy B8 The SCV EDC Econowatch
NEWS & FEATURES B1 A look back at 2020, and
how it will affect 2021
SCV BUSINESS VOICES B1 Mission Valley Bank B3 SCVEDC B6 M & M Fasteners Supply B6 Audiology Associates B10 Henry Mayo
FROM THE EXPERTS B2 Paul Butler: Lessons from
Boxing Day B3 Ken Keller: Focus on your
cashflow in 2021 B8 Paul Raggio: Say
something, not just anything B10 From the Assessor: A look
at a tax-savings for your home
One of the largest legislative debates for the business community was about AB 5, and what constitutes an employee under the law. Like many issues, due to COVID-19, it’s expected to be an issues in 2021, too. PHOTO COURTESY UBER By Perry Smith Business Journal Editor
‘As the Santa Clarita Valley looks toward the new year with hope and optimism after what, for many, was a most challenging 2020 — and for others, one of the most difficult years in recent history, perhaps ever — as a community, the difficulties also brought everyone together in a number of ways. An unprecedented COVID-19 pandemic and subsequent health crisis wrought havoc and created record-high unemployment — but it also showed what Santa Clarita was capable of doing when the community pulled together. People and their businesses united and created partnerships that had never before been necessary, or even thought of, yet people made them work. The city created ways to get as many people safely back to work as possible and, while an inevitable hit was taken as the
state and county public health departments figured out preventative shutdowns and proper health protocols, the local employment numbers bounced back faster than many predicted because of the concerted efforts of many. In The Signal and the SCV Business Journal, these stories were presented as great examples of what organizations like the SCV Chamber of Commerce or the SCV Economic Development Corp., for example, are capable of when people work together with a common goal. So with this look back on 2020, we salute those efforts and also look forward with hope and promise for what 2021 will bring.
January The year began with the population
blissfully unaware of the health crisis to come and the pandemic that would leave us all in quarantine, with no greater
evidence of this than coverage starting with a large legislative focus on Assembly Bill 5. The discussion of who’s an employee vs. an independent contractor is an issue that played a huge role in legislative agendas, which is saying something in a year that prompted a major shift to everyone’s agenda in March. For 2020, the latest chapter in the discussion thus far was the passage of Proposition 22, which, as passed, classifies app-based drivers, such as those who work for Uber or DoorDash, as independent contractors, and calls for labor and wage practices specific to app-based drivers and companies. Voters passed this measure with 58.63% of the vote, with the second part essentially guaranteeing the discussion will be part of the legislative agenda for the business community in 2021, as well.
SCV BUSINESS VOICES
PLANNING FOR UNCERTAINTY IN 2021 TAMARA GURNEY President and CEO, Mission Valley Bank
W
hile the unprecedented nature of 2020 took us all by surprise, the challenge moving forward is how best to plan for the continued uncertainty the new year will likely bring. There are, however, some basics fundamental to planning that remain applicable. FIRST QUARTER Major changes in your personal life in the past year can affect this year’s finances. Review and revise financial and legal considerations that may arise. Estate planning can be difficult but is crucial for financial peace of mind. Update documents and review major changes in your professional life. If you started a new business, closed a business, changed jobs or retired, adjust your budget accordingly. SECOND QUARTER Reevaluate retirement plans and compare how much you have now and how much you need in the future. Consult your Trusted Advisor to ensure saving and investment strategies align with personal goals, particularly if a change in your life or circumstances has occurred. Review and update all insurance policies. Compile a comprehensive list of online bank accounts, usernames and passwords for your reference, and store the list in a secure location. THIRD QUARTER Conduct a mid-year review of income and expenditures and adjust accordingly for the remaining months. Check your credit information and report any discrepancies to appropriate agencies. Request a Personal Earnings and Benefit Estimate Statement from the Social Security Administration that summarizes your social security earnings history and provides an estimate of the benefits to which you are entitled. Be sure to verify you have been credited for all your earnings. FOURTH QUARTER Get a jump on your taxes in October. Estimate taxes and take the steps to minimize them before years’ end. Consider making gifts and charitable donations in the fourth quarter to ensure timely deductions. Resolve major issues before Dec 31. Finally, review your progress for the year, recalculate net worth and compare against the beginning of the year. If you are not already doing business with an independent, community business bank, consider making the switch. This gives you the ability to take advantage of the services of a Trusted Advisor who can assist and advise every step of the way. Mission Valley Bank is a locally owned, full service community business bank headquartered in Sun Valley, California with a branch office/business banking center in Santa Clarita. Tamara Gurney is past president of the California Independent Bankers and can be reached at (818) 394-2300. www. MissionValleyBank.com.
See REVIEW, page B7