The post-mortem will begin on Tuesday after a second successive play-off exit, this time at the hands of a Swansea City side who will now face either Cardiff or Reading at Wembley.
Davies however remains confident in his own ability to fashion another side capable of putting the Reds into the promotion mix.
He told Sky Sports: "There is one year left of a three-and-a-half-year agreement with the Forest board and I have got no doubt that we have already started, as a staff, preparing for next season and what we've got to do.
"What we will do is we will certainly go and enjoy a good break along with the players. We will certainly plan and prepare, again, for a start of a new season."
Let us know your thoughts. Have Forest come as far as they can under Billy? Is he the right man to take the club back into the Premier League or is it time for a break with the Scot?
Contact Forest Mad here with your views. http://www.nottinghamforest-mad.co.uk/contact_us/index.shtml