The boss has already held preliminary discussions with chief executive Christian Purslow and sporting director Jesus Garcia Pitarch.
Further talks over the club’s strategy are planned with Villa, who spent £127million on 12 players during the summer after winning promotion to the Premier League, again likely to be active.
The focus will be on players who can improve the squad’s overall strength with forward areas a particular area of focus.
Smith said: “At the moment, we’ve got two players for each position. It’s hard enough for the players who aren’t playing regularly but, as I’ve said before, it’s their job to keep me happy not the other way around because they’ve got to be pushing for a place in the team.
“I’m always open to additions to better the squad. They’ve got to be better than what you’ve got. A conversation myself, Christian (Purslow) and Suso (Pitarch) have had when we’re looking at additions is they’ve got to be better than what we’ve already got.”
Villa returned to training today as they began the process of moving on from Sunday’s derby defeat to Wolves.
The club’s non-international players were scheduled to report back to Bodymoor Heath after being granted some time off following the Molineux defeat.
Villa, who are currently on a three-match losing streak and sit 17th in the table, face a key run of fixtures after the international break, starting with the visit of Newcastle on November 25.
Smith is hopeful Tom Heaton, Bjorn Engels and skipper Jack Grealish will be fit for a match which sees former boss Steve Bruce return to Villa Park.