Since beating Sheffield United at Elland Road they have taken just three points out of a possible 15, along with conceding an alarming 15 goals.
Bates has discussed the situation with manager Simon Grayson, chief executive officer Shaun Harvey and technical director Gwyn Williams and feels changes are needed.
Leeds' supremo insists recent results have not been good enough and that the club will only be signing players who significantly enhance the team's credentials and not just to swell the ranks.
"Simon and I, and Shaun Harvey and Gwyn Williams, are fully aware of it. Don't be surprised if you see new faces sooner rather than later," Bates told the Yorkshire Evening Post.
"These results aren't good enough and we're going to do something about it. We're looking for better performances.
"This is probably the most outspoken I've been about incomings and outcomings for some time and there will be changes. But there's no point in signing somebody for the sake of having a new face.
"It has to be somebody who's going to not just improve but substantially improve the team. Those players are few and far between at this time of year but we've started searching."