Minecraft wiki entry for Clock, associated text: A T flip-flop can be used to "normalize" the pulse to half on/half-off, while doubling the output period. Design L5 from that page is suitable and compact.
By separating the latched repeaters with redstone dust (to read their signals individually), this circuit could be generalized into a "state cycler", which can activate a series of other circuits or devices in order, as triggered by input pulses.
The return line can be run underneath the clock, making the build higher but narrower, or the entire repeater-latch loop can be extended to run backward on a lower level, similar to Torch-Repeater Clock design E. If used as a state cycler, this also makes the dust between the steps more accessible.