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Smile (make sure, it is genuine!)
Make an appropriate greeting
Escort them to the place designated seating place
Offer them a beverage
Introduction to concerned people (it is in the agenda, sequence may vary as per agenda)
Have small talk like enquiring if they had a comfortable journey etc. (depending on your profile and profile of the guest)
Always have a pleasant and smiling face and let them know of your presence around should they require assistance
EXACTLY,RIGHT! MUST HE/SHE BEEN THERE WAITING UPON ARRIVING THE GUEST.