Four new players have recently arrived at the League Two club on a temporary basis, but Kavanagh is still hopeful of adding to his squad when the loan window reopens on Friday.
"I would like to do more business," he told reporters at a press conference.
"We were trying to get a centre-half in, but we couldn't get the right one for the right money, so it was difficult. We'll have to go back to the drawing board in terms of recruitment.
"I think the players that we've moved on have allowed us to do more with the budget we have available."
Carlisle currently sit 18th in League One.