You may be in small studio, a mid sized loft or even a small cottage- whether you're in an open floor plan or just a smaller home, overnight guests are a challenge. When friends and family come to visit me in my studio I let them have my bed and then I make a bed out of my big couch. The eat in kitchen nook makes a great place for guest luggage and belongings.
Some the easiest steps for preparing for a guest would be cleaning up and putting away the clutter. If they plan to stay for more than one night, try re-arranging side tables and seating to allow for more space. If you don't have a big enough couch you can always try to make space for an Aerobed. It's also nice to think ahead as far as meals and cooking, this can save time with big messes in the kitchen. If you're able to, go out to dinner and it will be one less area you need to worry about. Is your guest room partially your office space? Again, if you give your guest your bed, you can sleep in the guest room and then when you're ready to work the next morning you won't have to worry about waking them.
Leaving out towels in the bathroom will also make it easier for your guests to get ready in the morning, and could save you a few extra z's in the morning.
Hopefully you are able to transition your small home into a guest friendly environment using a bit of pre-planning, rearranging and organization.