You can do this with a couple of extra fields.
First create a text field with the maximum length you desire called URL_Name__c
or similar.
Then create a new formula field that returns a text value. Inside that the formula uses the HYPERLINK
function to combine the two other fields into a shorter link.
HYPERLINK(Website, IF(ISBLANK(URL_Name__c), Website, URL_Name__c), 'blank')
Note that with this basic formula, if the Website
field does not contain http://
then the link will try to link to an internal location, so that should always be specified. If you want to make the formula more tolerant of this, then you can also check for the presence of "http" at the start of the URL:
HYPERLINK(
IF(LEFT(Website, 4) == 'http', Website, 'http://' + Website),
IF(ISBLANK(URL_Name__c), Website, URL_Name__c),
'blank'
)