But despite the obvious need for a complete overhaul of the club behind the scenes, Eriksson has been encouraged by what he has seen from manager Ian McParland's team.
Notts beat local rivals Nottingham Forest 2-1 last Saturday - the first game in the Eriksson era.
And they followed that up with another impressive display in the 3-2 defeat against Derby County in midweek.
"The standard of the football the first team have been playing was better than I thought," Eriksson said.
"We have a team who try to play football, some very good players - but taking in some more we have to do because the squad is very short for 46 league games plus cup games.
"The stadium here is a good stadium for the level we are and the pitch is fantastic - you can compare it with any Premier League pitch so you can't have any excuses if you pass the ball badly here."
However, there will still be more signings as the club look to give themselves every chance of promotion this season.
"We have ongoing discussions every day," Eriksson said.
"We have all of August to do business and we must bring in players because the target is promotion this season.
Sven-Goran Eriksson and the BBC's long-serving Notts commentator Colin Slater
"We have to concentrate on trying to take the right players. The squad is very short and we don't have enough players if we have the target to be promoted."
But he insists there is no danger of the club taking a short-sighted approach as they look to realise their Premier League dream.
"Longer term, we need scouting systems, we need to create an academy, and we need a place to train and I know there are people working to find the right place to build a training ground," Eriksson said.
"It's expensive to create this but if you want to be successful you have to have it."
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