And Smith, who played almost 500 games for the Potters, is backing Pulis to make the right additions to his squad.
"You can't complain with what he's done up to yet," he told BBC Radio Stoke. "There won't be anything done quickly because the market isn't like that."
Former defender Smith added: "When they [the new signings] do come in, hopefully they'll be as good as the ones that have come in recently."
Pulis added seven new players to his squad during the summer transfer window in 2010, although only two of them - Portsmouth youngster Florent Cuvelier and veteran goalkeeper Carlo Nash - were signed before the start of August.
Kenwyne Jones, Jonathan Walters, Marc Wilson, Jermaine Pennant and Eidur Gudjohnsen all arrived towards the end of the transfer window.
Sooner or later, we've got a chance of winning the Carling Cup or the FA Cup
Former Stoke defender Denis Smith
The Potters missed out on a top-half finish in the Premier League this season after losing their last two league matches.
They finished 13th, a point behind 10th-placed Sunderland, although they did reach the FA Cup final for the first time in their 148-year history, losing 1-0 to Manchester City at Wembley.
Smith believes Stoke are in a good position to build on one of their most successful seasons ever when the Premier League resumes on 13 August.
"The top-half finish is a big one," said Smith. "To have another cup run would be good, and hopefully we can win one.
"Sooner or later, we've got a chance of winning the Carling Cup or the FA Cup and that's great.
"It's not going to be easy but at least we look like a club that's in with a chance of winning one of those."
Source: BBC Sport
Source: BBC Sport