Supporters are becoming increasingly impatient about the club's modest transfer activity this summer and the side's start to their pre-season campaign has done little to improve their mood.
"People are asking why we have not signed players like Laudrup, Albertz and Numan this summer and I understand that the fans can get frustrated. But there is a lot of quality in our squad," Novo told the Daily Record.
"It was good enough to reach the final of a European competition last season and the manager has added one or two new faces.
"People can overreact to performances in pre-season friendlies.
"Yes, we didn't play well in our last game against Schalke on Saturday but it's not time to panic. These games are about getting our fitness right for the new campaign.
"That's what the manager is working towards and the fans should know enough about Walter Smith to trust him by now. He has done an amazing job since he came back to the club."
Novo went on to remind fans of the financial constraints Smith is under.
"Yes, it would be great if he had the cash to go out and sign the next Brian Laudrup but Rangers can't compete with the wages these kind of players earn in other countries.
"Everybody should trust the gaffer because he knows what he is doing. I'm behind him 110 per cent because I have learned so much from him in the last 18 months.
"Everybody needs to calm down, relax and let us get on with the job."