Cole is convinced the good times will return under Brendan Rodgers.
"We know sixth, seventh and eighth in the last three seasons isn't good enough," he told The Sun.
"But we are a work in progress right now and we have the right man in charge. Whenever you change managers and he wants to put a stamp on it, then it is going to take time.
"It's not traditional for the club to change managers but we need stability now. Everyone needs to be settled and I think we're heading in the right direction - it is a happy camp at the moment."