Whatever application or program you use, you use it for a reason (or reasons). One reason which is usually high up on the list is efficiency. Working with Word is no different.
We’ve already mentioned multiple times about using styles correctly (and I can’t emphasise enough how important this is), about shortcut keys, and other functions and areas that will enable you to get the best out of using Word.
Where formatting is concerned, one little known or used feature is called Format Painter.
It’s a very useful feature that I, personally, use often (especially when reformatting a document from scratch) — it’s a major time-saver and I’d encourage you to familiarise yourself with it.