Davies has already brought in eight players during the summer, but he believes that the club can still progress before the end of August.
The 49-year-old told the club's official website: "Progress is what we are doing, but there is still work to be done, in the ways that we can progress. We are moving in the right direction.
"We thank the owners for their support and for their tremendous investment in the team."
Forest start their Championship campaign with a home match against Huddersfield Town on Saturday.