"We knew the size of the job when we took over and it looks even bigger now.
"We have been brought in to get Southampton out of the mire and if they were top of the league then they would not want our help."
Smith hinted that Redknapp may sell striker James Beattie when the transfer window reopens next weekend.
"We want to keep James but if the chairman gets an offer which will help us bring in five or six players we will have to consider it," he added.