Ten new players arrived at Easter Road before the start of the season, but Hibs currently find themselves eight points off the top of the Scottish Premiership table.
Despite an indifferent campaign so far, Fenlon believes that things are improving for his side.
"I do not think we have been as good as we can be," he told the Evening News. "We have a lot of new players and it takes time to settle and gel.
"We also have to chop and change because of injuries but I think there are signs it's improving."
Hibernian continue their league campaign on Sunday when they make the trip to Partick Thistle.