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No one wants an adversarial supplier relationship, but getting too cozy with your suppliers also has its pitfalls. It might feel good to receive tickets to the ballgame and free meals, but make sure your supplier is also bringing you cost improvement ideas along with the fun perks.

Sit down once or twice per year with your suppliers to collaborate and brainstorm mutually beneficial approaches. Doing so will eliminate surprises for both of you.

You like saving money and so do your vendors! Every time you show yourself as a considerate partner instead of a cut-throat miser you earn respect from everyone you deal with. That respect comes back in spades over the years because other people want to continue to return the favor and treat you well.