It all depends on what your formula looks like.
Sometimes, instead of repeating the formula like this:
=IF(ISNA(formula),"",formula)
You can reduce the error trap to the specific portion of the formula that
actually generates the error. For example:
=IF(ISNA(VLOOKUP(A1,X:Y,2,0)),"",VLOOKUP(A1,X:Y,2,0))
In this case we know an error will be generated if the lookup value A1
doesn't exist in the lookup table column X. While we can't completely
eliminate** a double formula we can make it more efficient and save a few
keystrokes at the same time:
=IF(COUNTIF(X:X,A1),VLOOKUP(A1,X:Y,2,0),"")
** Excel 2007 comes with a new error testing function called IFERROR. Using
that function combined with the above VLOOKUP formula:
=IFERROR(VLOOKUP(A1,X:Y,2,0),"")
In this case we did eliminate the double formula. However, this is not
always the most efficient method to use on really long complex formulas.