Right now what I'm doing is using the transmute spell and turning my iron ore to silver and my silver ore to gold, then making gold jewelry which seems to still level up my smithing quite a bit. The problem is i only have a cap of 100 magicka so transmute is a very slow process.
If you have the cash, hit up the merchants looking for armor/apparel that will give you buffs in Magicka, Magicka Regen, and/or Alteration. Look for ones that you can stack (i.e. wear all at the same time). Put them on when you are using the transmute spell.
If you also enchant and can learn the Fortify enchantments for those three things, you can just buy some Grand Soul Gems and get or make cheap unenchanted stuff and enchant it yourself.
I have a "smithing wardrobe" that includes items buffing those three things and it makes a huge difference when I'm using the Transmute spell to convert ore in large quantities. As already noted, potions that Fortify the relevant abilities can also help.