The Rangers boss watched his side squander a two-goal lead in Sunday's 3-3 draw with Dundee United in the Scottish Cup quarter-final.
Smith, whose team are 13 points clear of Celtic at the top of the Premier League and face St Mirren in Sunday's League Cup final at Hampden, warned: "What happened against United is something that worries me, for the simple reason that everyone is saying we're on for a treble - and that is premature.
"It's the first time I've seen my team relax in that manner and allow the opposition to come back.
"Once we scored the third goal there was a slackness that came into our play. That slackness is unusual for our boys. They've been fantastic in their approach.
"I think a bit of complacency could come in because the expectation is that with this points gap in the championship, people say you've won the league.
"So this sends out a message to everybody that we won't achieve unless we remain fully focused on what we have to do."