Take everything out of your closet...yes, EVERYTHING. This will enable you to start fresh.
Try on each item and make piles of spring/summer, fall/winter, formal and unused/does not fit. This will cut down the number of items that will eventually make it back into your closet.
Put all unused or non-fitting items into a box to donate to a local organization.
With the items remaining, store the off-season clothing in the large plastic tub or under-the-bed storage bin.
Hang the remaining items back up in your closet or fold the items you cannot fit on hangers. Put the formal items in the back (in a walk-in) or far left (in a traditional). Then, situate the others into "outfits" and put in order by the days you want to wear them.
As an extra time-saver, take the outfit for the next day out of the closet the day before and see if it needs to be ironed or mended. Then, hang it on the outside of the door for the next day. This will save you time while getting ready.