How to get an S rank in ACNH?

I'm curious, how does one go about achieving an S rank in Animal Crossing: New Horizons? Is it a matter of decorating your island to perfection, completing specific tasks, or perhaps a combination of both? Are there any tips or strategies you could share that might help someone striving for that elusive S rank? And, just to clarify, what exactly does achieving an S rank entail in terms of game progression and rewards? I'm eager to learn more about this aspect of the game.