"If I was on the board and looking at our results, I'd be asking 'what's going on'," he said.
"If I was a board member I would not be happy. There is no way you can be and I would want explanations.
"But I know the business. I've been in it long enough not to worry about things I can't control."
Smith said his side's performance deserved better, but knows he must stop the rut as soon as possible.
"A month ago we were a decent side, now all at once we are rubbish. The results say that.
"But that's football - it changes. The lad Daly, if you read the programme, was thinking he as out of work three or four weeks ago and now he's a hero.
"Football is a strange, strange business. Our results at the moment don't make good reading. If I look over the last five games, I know I've got problems within the club.
"But if you look at the lads, they are good, honest, hard-working lads.
"They are not going out there and throwing the towel in. They worked hard again against Hartlepool. They didn't deserve to lose 3-0."