Ratcliffe believes that patience is required, citing Everton's decision to persevere with Howard Kendall during their success-laden days.
"If Everton had dumped Kendall then the club's history would probably have been rewritten - and not for the better," he told The Mirror. "At the moment, Everton don't look a better side than last season - and we've spent £140m. Are some of the new players like Davy Klaassen or Gylfi Sigurdsson better than Gareth Barry for instance?
"Are they better than James McCarthy? Probably not on what we have seen so far. They were big fish at their old clubs, who weren't expected to be beat the likes of Chelsea and Manchester United. But at Everton you are expected to compete and win against these teams. It is a different type of pressure and you are taken out of your comfort zone."
Ratcliffe won two league titles, the FA Cup and the European Cup Winners' Cup during his time on Merseyside.