Villa are set to take their spending for the current window past the £75million mark with the signing of Bertrand Traore.
The winger is currently awaiting a work permit before completing a £19m switch from Lyon and will become the fourth player to join after striker Ollie Watkins, full-back Matty Cash and goalkeeper Emiliano Martinez.
Smith wants at least a couple more signings before the October 5 deadline but is also aware of the need for outgoings. Scott Hogan this week became the first player to depart when he joined Blues in a permanent deal, while Fenerbache are keen on Mbwana Samatta, who has also been monitored by Albion.
Henri Lansbury, Jota, Marvelous Nakamba, Orjan Nyland and Lovre Kalinic are among those who could also leave.
Smith said: “Players will go, that is the nature of the game. If you bring players in, others have to leave.
“You can’t just stockpile players. But we know it is easy to spend people’s money and bring players in. It is harder to move players on.”
Samatta only joined in an £8.5m deal from Genk in January but netted just one Premier League goal in 14 appearances last season. The Tanzania international’s arrival was part of a £140m outlay over the previous two windows which saw Villa overhaul their playing squad following promotion back to the top flight in May, 2019.
Since stopping up by a point last term, the focus has been on adding quality rather than quantity, with Smith still looking for another midfielder and forward.
He continued: “I think if you look at last season we spent an awful lot of money but we had to get 12 to 13 players in. It was a big turnaround for the club.
“We had struggles last season when we lost our player of the year in John McGinn, our record signing in Wesley and our most experienced Premier League player in Tom Heaton.
“Any team who has that happen is going to find it difficult. I always felt if we got over the line the players we brought in last summer would be better for the 12 months and we could then go and add quality rather than quantity.
“There were four or five key players last season and we lost a few. Now they are back and we have added quality with the players we are bringing in now. We will look at all options. We have another few weeks until the window closes. We have been happy with what we have done so far but we are always looking to bring others in.”
Young striker Indiana Vassilev has joined Burton on a season-long loan.