There are many factors that can affect the size of a PDF file. If you know these factors it would be possible for you to get the smallest possible file size of the PDF document that you create. The factors that affect the size of PDF files are the way the fonts are embedded, the images resolution and image type, and the version of the PDF and level of compression.
To make your PDF file smaller, Adobe suggests that you use "Save as" instead of "Save" every time you make a change in the PDF document you are creating. When you use the "Save" changes you make are appended to your file and this of course adds to the size. When you use the "Save as" you will overwrite the entire PDF and you are saving just the latest form of your document after the change.
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Another thing that could add to the size of the PDF file is the named destination, every ten or so named destinations could add at least a kilobyte to the PDF size. So if you think that named destinations is not that necessary in your PDF document do not include them.
You can also use Adobe Acrobat's PDF optimizer to see which elements in your PDF document could take up the most space. To use the PDF Optimizer, click "Advanced" in the menu bar and select PDF Optimizer and then click on Audit Space Usage.
The elements in your PDF document that obviously add a lot to the total size of the final PDF are the images. as much as possible use vector-based graphics. Vector-based graphics are better than GIF in many aspects: they scale perfectly, look better, and take up lesser space. Avoid inseting bitmap graphics but if it could not be avoided, prepare it for maximum compression and minimum dimensions.
If you are creating PDF for the web and not for printing use RGB which has one less data channel than CMYK. As much as possible do not embed your fonts, fonts take up a lot of space.
Lastly, it is good to use newer versions of Acrobat because they have a more advanced compression system that can result in smaller PDF file size.
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