Last season yielded both the CIS and Scottish Cups but ended with the disappointment of losing out on both of the big prizes - the Clydesdale Bank Premier League title and the UEFA Cup.
McCoist refuses to fault the team for effort and determination, after they successfully transformed themselves from a side caught in a downward spiral during the ill-fated Paul Le Guen regime to challengers both at home and abroad.
But the Rangers assistant boss is now looking for another massive effort ahead of the new season.
"We've had some wonderful European nights and some great domestic days and nights," he said.
"It has been a terrific season, it really has, but we want to build on it.
"We don't stand still, we look to the future, and we must make progress."
Smith and McCoist returned to Rangers in January 2007 and the comeback has been a major success so far for everyone at the club.
"We couldn't be happier with the reaction we got from the players and the players we brought in," McCoist told Rangers World.
"When you look at the grand scheme of things, there has been a tremendous upheaval in personnel in the team.
"For the lads to go through the campaign the way they have done is a fantastic achievement for them. They have been wonderful.
"It's been a great season and it has been a real rollercoaster ride in many ways.
"But, do you know something, we wouldn't change it for a minute and the players deserve all the credit going.
"If you had asked 18 or 19 months ago if we expected this kind of progress, I would probably have said no.
"But, now that we have had this progress, we are delighted with it."