Not for the first time, however, the Ibrox manager has managed to emerge without having his team ripped apart as a result of the financial difficulties the club are currently working towards solving.
Indeed, with all the coming and goings throughout the entirety of the transfer window, it could be argued the SPL champions now find themselves in an even stronger position to defend their title after some serious wheeling and dealing.
The problem, of course, is that despite making improvements to his starting line-up, Smith now finds himself operating with a wafer-thin squad which could be decimated should injuries and suspensions start to kick in later in the campaign.
Ideally, the manager would liked to have boosted his squad with an additional two or three new faces to provide strength and depth, especially with a Champions League campaign to cope with
The financial situation dictated otherwise. What Rangers now lack in terms of raw numbers Smith hopes they can make up for with additional quality within their starting line-up.
Smith’s marquee signing, if you can call it that, was Croatian international striker Nikica Jelavic. A £4million purchase from Rapid Vienna, the Light Blues were forced to fight tooth and nail to eventually land their No.1 signing target this summer.
Although he will be unavailable for the Champions League after being cup-tied, Rangers hope he will provide the team with quality in the final third, with his physical attributes as well his ability to find the back of the net, to ensure they are scoring enough goals.
And it is Smith’s hope that the service Jelavic requires to be operating at his best will be provided by loan signing Vladimir Weiss. This piece of business, in particular, pleased the Light Blue legions down to the fact Old Firm rivals Celtic also attempted to prise the winger away from Manchester City this summer.
If first impressions are anything to go by, the 20-year-old Slovakian international is going to be a vital component in Rangers’ title bid this season with his blistering pace and ability to take on full-backs. More impressive is his vision and the fact he can execute a final ball to pick out a team-mate.
The third main signing for Rangers this summer came in the shape of James Beattie, a £1.25m purchase from Stoke City. An experienced striker who has operated in the English Premier League for most of his career, he provides another option for Smith.
And that was also the reason behind the final-day arrival of Aberdeen’s Ricky Foster on a loan deal exchange with striker Andrius Velicka. He can cover a number of positions which Smith feels eases the pressure on his squad.
There were, of course, some high-profile departures, none more so than the club’s leading goalscorer and also fans’ favourite Kris Boyd.
His decision to leave on a Bosman deal after initially stalling on an improved contract offer wouldn’t have come as a surprise to most and it remains to be seen if the Ibrox club can cope without him.
Kevin Thomson was another big-name player who departed when he joined Middlesbrough in a £2m deal, although the fact he was entering the final year of his contract dictated it was an offer that had to be accepted from a financial perspective.
It was an identical case in regards to Danny Wilson’s £2m switch to Liverpool. Others, such as Stevie Smith, Nacho Novo and DaMarcus Beasley, also departed when their contracts expired.
Time will tell whether or not the business conducted will prove successful or not.
RANGERS SUMMER DEALS
£700k loan fee
NET TRANSFER SPEND: £1.95m