George Milner struck Chesterfield's first in the opening 15 minutes before Scunthorpe pulled one back shortly after the break.
Jack Brownell then put the Spireites youth side back in front with 12 minutes remaining, but there was one last twist in the tale as the visitors equalised from a corner late on in the game.
Smith commented on his team’s first half efforts: “The first 30 minutes were the best we’ve started so far this season. We were really bright, sharp and on the front foot winning the ball back nice and high, like we always try to do.
"We took the lead through a well worked and well finished goal from George but we didn’t really kick on from there, I said to the lads at half-time that we’d gone sloppy and should’ve built on our lead.”
Smith said he thought there were plenty more goals in the game, and he was proven to be right when the visitors drew level with five minutes of the second half gone.
He said: “It was a great goal that equalised for them. It was great control as the ball came over his shoulders and he then hit it on the volley across the face of goal.”
The game turned into a tight contest after the leveller, with the Spireites creating a few half chances. They took the lead again when Brownell slotted home from close range after Milner drilled a cross into the area.
Smith added: “From that we were on top without being completely in control, I thought we looked the more likely side to score.”
Talking about the Scunthorpe late equaliser, Smith commented: “Like so many times this season, we conceded off a set-piece, where we allowed the ball go to straight in from a corner. These things happen but that’s how it turned out and it finished like that.”
After the game, Smith spoke about the troubles that face his young side: “The pitch is really difficult up at Staveley at the minute, through the weather and the amount of games that Staveley have had, it’s not really conducive to what we’re trying to produce - but we are thankful of them helping us out through the season.
"We also have to play to the conditions rather than what we want to do, so it makes it slightly challenging but we’ve got to deal with it.”
Chesterfield: Parkin (gk), Hudson, Daly, Smith, Marshall, Greaves, Brownell, Milner, German, Daswell, Keillor-Dunn