Despite a solid, if at times inconsistent, first half to the campaign, Everton need to try and strengthen their squad as much as possible in this window to kick on and push for a top-half finish at least, and if possible, secure European football next season.
The biggest single issue that has been holding the team back is obviously the lack of goals from their strikers, with Beto and Thierno Barry having contributed just three in the Premier League so far.
So the number one priority would surely be trying to sign another forward. But this will be very challenging given the short window and the difficulties in finding decent, affordable striking talent anyway.
Everton are looking at the options, however such players will be priced at a premium, and any club wanting to sign a striker will probably have to pay way over the odds to secure a deal in January.
David Moyes may be prepared to take a chance and trust his current forwards to deliver in the second half of the season, especially as Barry has shown signs that he might be finding his feet at last in the Premier League.
This could be a risky strategy, but with the problems described above, it may be that there is no realistic alternative.
Although the Toffees have generally been decent and consistent enough defensively, there have been a few wobbles in certain games, and injuries are currently stretching Moyes' squad severely, particularly at the back.
This doesn't even factor in the long-term injury to Jarrad Branthwaite, and that both Seamus Coleman and now Michael Keane are also unavailable. Keane's injury is especially frustrating because he has unexpectedly been one of the side's best performers this season.
Branthwaite's prognosis remains uncertain, and it is unclear at this time how long he will continue to be out due to injury.
On top of this, Moyes is still searching for a long-term replacement right-back, given Coleman's age and injury problems, as well as the ongoing doubts about Nathan Patterson, whose health is also a constant concern.
Rumours link Everton with another full-back, most likely Leeds United's Jayden Bogle, but whether that will happen remains to be seen.
In my opinion, although finding a decent right-back and solving this long-standing issue would be ideal, I think the Blues have enough cover with Patterson and Jake O'Brien able to fill in there to get to the end of this campaign and then reassess things.
But for O'Brien to do that, Keane will need to be fit again, and/or Everton would have to add another centre-back to provide additional options in defence.
Nathan Ake has been a stalwart of Manchester City's recent teams, winning four consecutive Premier League titles and the Champions League since he signed from Bournemouth in 2020.
At 30, he is in his prime years, although he has had injury problems recently, and with the experience and quality he possesses, the Dutchman could be a really useful addition to the Toffees backline.
He is a player City seem willing to let leave, and Everton apparently tried to sign him in the summer, so it is possible Moyes may want to revive that deal if he can this month.
The veteran defender can operate at centre-half and left-back, giving the Blues some additional flexibility to the team's defence and providing extra cover for Vitalli Mykolenko.
One major potential block to signing him would be the ongoing problems of PSR and whether Everton have the financial wriggle room to make multiple signings in this window, assuming they wish to do so.