Young admits Wasps have been left short in some areas this season as they prepare for tomorrow's visit of unbeaten Aviva Premiership leaders Harlequins to Adams Park.
"Most teams in this league can beat each other," rugby director Young said.
"It is all about strength in depth, and that is something we need to develop more.
"The last month has left us with only five or six fit players to fill the second and back-row.
"That isn't enough in this league, and I am looking to improve that both in the short term and for next season.
"Right now, we are not a million miles away from where we should be with this squad.
"We want to strengthen it and we are trying to do that, and if we can do it and also get our players back fit, getting back into the Heineken Cup (next season) is still a very realistic target.
"We are choosing from a very thin squad at the minute, and I can't ask a hell of a lot more of the players who are fit.
"People expect Wasps to be there or thereabouts every season, and that's great because we will keep aiming for that, but there needs to be a tinge of reality about what we can do with the current side we have fit and available.
"We are a young developing team with a lot of players out injured."
Wasps currently lie eighth in the Premiership, but such is the league's claustrophobic nature this term behind runaway leaders Quins that they are just four points adrift of the title play-off zone.
"I am really enjoying the job and the challenge I have here, and I am very positive about the future," Young added.
"But I do get a little frustrated when I hear people talking about us under-achieving. We are top of our Amlin Challenge Cup pool and a few points out of the top four in the league.
"I believe that is pretty much where we should be at the moment, although we will do everything we can to improve on that this weekend."
Quins are nine points clear at the Premiership summit, and even though they have lost number eight Nick Easter and centre Jordan Turner-Hall to injuries this weekend, they remain clear favourites to collect a 14th successive win in all competitions.
"Harlequins are not top of the table by accident, and they have some real quality players who we will have to try to keep quiet," Young said.
"There have been a few results we have been disappointed with - last weekend against London Irish and Newcastle, in particular. Both were games we should have won.
"But I am not doubting the commitment and attitude of the players, which has been first class."
England international Riki Flutey has recovered from an injury that has kept him out of Wasps' last two games, and he will partner Dom Waldouck in midfield tomorrow.
Joe Simpson, meanwhile, is back at scrum-half, with lock Ed O'Donoghue starting instead of Ross Filipo, but Wasps still have several players absent through injury.
With Easter sidelined, Quins skipper Chris Robshaw moves back-row positions and there is a start for flanker Luke Wallace. Turner-Hall, who will be sidelined for four weeks due to a cheekbone injury, is replaced by Tom Casson, with lock Charlie Matthews in for George Robson (sore calf muscle).
In tomorrow's other game, centre Brad Barritt misses out for Saracens against London Irish at Vicarage Road due to a calf muscle injury, so Adam Powell deputises, and Owen Farrell continues at fly-half instead of knee injury victim Charlie Hodgson.
Fly-half Dan Bowden is among four changes made by Irish boss Toby Booth following victory over Wasps last Saturday.
Bowden will captain the side, with props Alex Corbisiero and Paulica Ion also handed starts alongside number eight Chris Hala'ufia, who replaces Jebb Sinclair.
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