The first thing to notice is that it suffices to find all of the prime factors. Once you have these it's easy to find the number of total divisors: for each prime, add 1 to the number of times it appears and multiply these together. So for 12 = 2 * 2 * 3 you have (2 + 1) * (1 + 1) = 3 * 2 = 6 factors.
The next thing follows from the first: when you find a factor, divide it out so that the resulting number is smaller. When you combine this with the fact that you need only check to the square root of the current number this is a huge improvement. For example, consider N = 10714293844487412. Naively it would take N steps. Checking up to its square root takes sqrt(N) or about 100 million steps. But since the factors 2, 2, 3, and 953 are discovered early on you actually only need to check to one million -- a 100x improvement!
Another improvement: you don't need to check every number to see if it divides your number, just the primes. If it's more convenient you can use 2 and the odd numbers, or 2, 3, and the numbers 6n-1 and 6n+1 (a basic wheel sieve).
Here's another nice improvement. If you can quickly determine whether a number is prime, you can reduce the need for division even further. Suppose, after removing small factors, you have 120528291333090808192969. Even checking up to its square root will take a long time -- 300 billion steps. But a Miller-Rabin test (very fast -- maybe 10 to 20 nanoseconds) will show that this number is composite. How does this help? It means that if you check up to its cube root and find no factors, then there are exactly two primes left. If the number is a square, its factors are prime; if the number is not a square, the numbers are distinct primes. This means you can multiply your 'running total' by 3 or 4, respectively, to get the final answer -- even without knowing the factors! This can make more of a difference than you'd guess: the number of steps needed drops from 300 billion to just 50 million, a 6000-fold improvement!
The only trouble with the above is that Miller-Rabin can only prove that numbers are composite; if it's given a prime it can't prove that the number is prime. In that case you may wish to write a primality-proving function to spare yourself the effort of factoring to the square root of the number. (Alternately, you could just do a few more Miller-Rabin tests, if you would be satisfied with high confidence that your answer is correct rather than a proof that it is. If a number passes 15 tests then it's composite with probability less than 1 in a billion.)