Formula is too long

I am getting a "Formula too long" error when I try to add to a formula. Is there anything I can do? Are there any "space saving" tips that I can use, that would allow me to add to the formula, without getting hit with this message? Here is my longest formula and what I want to add:

=SUM(IF('Imported Records'!A2:A250="Ready for Release",1,IF('Imported Records'!B2:B250="Ready for Release",1,IF('Imported Records'!C2:C250="Ready for Release",1,0)))*IF('Imported Records'!A2:A250="In Class CM",0,IF('Imported Records'!B2:B250="In Class CM",0,IF('Imported Records'!C2:C250="In Class CM",0,1)))*IF('Imported Records'!A2:A250="Assign for Analysis",0,IF('Imported Records'!B2:B250="Assign for Analysis",0,IF('Imported Records'!C2:C250="Assign for Analysis",0,1)))*IF('Imported Records'!A2:A250="Working",0,IF('Imported Records'!B2:B250="Working",0,IF('Imported Records'!C2:C250="Working",0,1)))*IF('Imported Records'!A2:A250="In Test",0,IF('Imported Records'!B2:B250="In Test",0,IF('Imported Records'!C2:C250="In Test",0,1)))*IF('Imported Records'!A2:A250="Retest",0,IF('Imported Records'!B2:B250="Retest",0,IF('Imported Records'!C2:C250="Retest",0,1))))

I want to add "Closed" and "On Hold" to the list, so it would be 6 additional lines.

Thanks,