Chairman Adam Parr insists he is "positive" about Williams' prospects for 2012 after "profound failings" resulted in their worst season in history this year.
Rubens Barrichello and Pastor Maldonado have picked up only five points between them in 18 races this season with only the Brazilian Grand Prix still to go.
The duo started on the back row of the grid at Sunday's Abu Dhabi GP - the first time it has happened to the Grove-based squad. That is a far cry from the success Williams enjoyed in the 80s and 90s which resulted in seven Drivers' Championships and nine Constructors' titles.
The team, though, are determined to turn things around and they have already made several personnel changes in an attempt to get back on track.
"As we have taken on the new team and as they have dug under the stones, we have realised there were quite some profound failings in the way we have been doing things," said Parr.
"They're not going to be fixed overnight, so with the best will in the world we are just being more realistic about where we are and where we need to get to."
Asked if they could be fixed this winter, Parr replied: "Yes. I feel very energised about where we are at the moment because the people here are just stunning, without exception.
"The reaction in the race team to Mark Gillan (chief operations engineer), and in the design office to Jason (Somerville, head of aerodynamics) and Mike Coughlan (technical director) has been amazing.
"So I feel with the quality of people we have, the fact they've had time to really get to know the problems, and then to work on them this winter, I think we can do it.
"We've a new engine partner (Renault), and you can't deny the fact they have a great product, and the resources to keep pushing it, so I do feel positive.
"If these new guys had joined at the end of the season we would not have known half the stuff, and probably would have had big problems."