The 77-year-old has taken over on a temporary basis following the departure of Peter Houston and will be in the dugout for Saturday’s trip to Morton.
And having seen numerous similar situations during his long managerial careers, he says there’s no magic formula which will turn around Falkirk’s fortunes.
He said: “There’s only one way you approach it.
“In the last few years we’ve been playing with a lot of confidence, a lot of belief. So you’re working to the top level of your energy and you’re never beaten and always believe you can come out a game taking something from it.
“When you lose two or three games your confidence suffers and you multiply it maybe by eleven, the work rate tends to drop and you start thinking breaks are going against you.
“It’s really all in the mind and we have to get a hold of that and get that sorted and bring them back to where they were.
“It’s hard work, that’s the answer to it. Footballers are unbelievably sound when something traumatic like this happens.
“Immediately they feel for the people concerned but they’re durable and they get up, dust themselves down and get on with the job and somewhere in there they want now to do well to leave a mark on the management team, a kind of memory that they were a good team.
“They have a big point to prove, it’s a challenge for them.”
Smith, who will be assisted in taking the team by skipper Mark Kerr and striker Lee Miller, admitted he felt for the departed managerial team.
He said: “In just under the three years we’ve been involved in play-offs, we’ve been involved in cup finals, going to Hampden twice and just about winning the cup was massive.
“They came into a good club and took the club forward and that’s quite a difficult thing where Falkirk are at the moment.
“This club is maybe one of the biggest provincial clubs in the country, it’s certainly one of the best run so to improve what was here was difficult.”