According to me in order to build a good relationship with your vendor the key thing is a good level of communication between the two so that they are well informed and up-to-date on the things going on. Have your vendors feel more like partners rather than just vendors by building a bond of mutual understanding, trust and loyalty by informing them about the company’s processes such as informing them about launch of new product or promotions etc. Apart from this understanding that making timely payments to the vendor is a very crucial part will help build a good relationship with the vendor since you may pay the price for a product but you get the true value only with a good bond.