There are a number of important things to be aware of to ensure that you get the most out of working with your supervisor on your project.
Expectations
It is important for the supervision process that you are very clear as to how much work you expect to put into your project, and which result/grade you are striving for. Of course, your supervisor cannot promise you a particular result/grade, but together you can work towards a realization of your ambition.
Find out what your supervisor expects from you, and what you expect from your supervisor - maybe you can't have everything you wish for, but then at least you know what to expect.
Consider making a supervision agreement - which can be amended during the project. Find a template
here. Ask Questions!
Do not be afraid to ask questions - even the ones you find stupid. The stupidest thing is to refrain from asking! Your grade will be given based on what you submit in the end - not on the questions that you have asked during the process.
Meetings with your supervisor
At your first or second meeting, it is a good idea to make a draft of deadlines.When do you expect your supervisor to give feedback on different elements in your project?
Do not panic - it is just a draft! However, having made such a draft gives you the opportunity to see when you are not following your plan - and then continuously revise your plan so it will still be possible to hand in your project before the deadline. It is valuable to have a tool that enables you to maintain an overview of the process - especially when it does not turn out as you expected.
When you have meetings with your supervisor, it can be helpful to produce a short summary of what you have agreed on, or maybe record your meetings, if it is OK with your supervisor.
Before meetings
Make an agenda before the meeting, and send it to your supervisor. It is important that you are conscious about what to gain from your meetings, so that you are able to move forward afterwards. Remember to set aside time to work on the project in the days after you have met with your supervisor.
Always make clear to your supervisor what type of feedback you will need on the text/product that you send her/him. What should she/he focus on?