1. Save the file as Excel Binary workbook (XLSB), its 3rd one when you save a file, it will immediately reduce file size to around 50%. Practically there is no difference whether you work in XLSB format or XLSX format.
2. If your formulas refer to whole column like A:A then change it to exact range like A1:A300000 as Full column is referring to more than 1 million rows.
3. Instead of SUMPRODUCT, use SUMIFS or any other formula as using SUMPRODUCT multiple times on a big range reduce the performance. If you share your sumproduct formula here,then some one can suggest an alternate formula which would calculate fast results.
4. You may break some of your complicated formulas by inserting helper column.
5. You may change the calculation mode of your workbook to manual (Formula/Calculation options/Manual) , whenever you need to calculate just press F9, or SHIFT+F9 only to calculate the working sheet. So when you have many parameters to change, then just change all the parameters and press F9 so that calculation take place. In case of Automatic format, excel calculates internally even when you put filter or change to even a single cell.
6. Use minimum or no formatting in your database sheets.
7. Press End+Home Button and ensure it takes active cell to the cell which is down word right most corner cell of your data in the sheet. If its not delete excess columns/rows. Sometimes excel take in to account blank column/rows in memory while saving the file.