I guess hindsight is a wonderful thing.
I don't have concerns about our budget or ambition, just that it seems our efforts were misplaced.
It was early on in the summer that it became apparent that we did not have what it takes to attract Witsel, Koulibaly, Carvalho etc, despite being able to offer them very attractive personal terms.
At that stage, the focus should have been on ensuring we had decent cover in areas where it was needed, we did get four in but this was/is not sufficient in my view.
There just seems to have been a period of a few weeks where we were not exactly sure of what we wanted and what was possible, resulting in the mad scramble on TDD. The Enner Valencia signing is proof enough, 8 goals in 51 appearances suggests he is not going to pull up trees at Everton. A panic signing, even on loan, when people were praising the club earlier for avoiding panic signings.
We should have used up both loan options, and explored the possibility of a bigger-name/high profile, perhaps older player not getting game time somewhere, on loan or for a 1-2 year deal. Even with Witsel, I wonder if we could have offered an attractive fee to Zenit to loan him until January? Zenit would have retained control of the situation, Witsel would have had 5 months playing time in the Premier League with no longer-term commitment to us, and we would have gained the benefit of having him in the squad, at least for a while. You can't force players to accept your offer, but I do think we suffered from a collective lack of imagination/creativity of approach, that would have brought us closer to a more positive overall outcome.
On a wider-scale, I don't think it's the lack of European competition that cost us. It's more an issue with the much lower media profile we start off with, and that has been an issue since the 1990's. In a straight fight, Sissoko would more often than not have opted to join Spurs than Everton, regardless of their having CL football. Apart from the London factor, they have managed much more successfully to talk the talk and cultivate a "media darling" profile - they were signing Modric and van der Waart several years ago after all.
The sooner progress towards a new stadium becomes a reality, the better it will be for our profile/image too.