Having steered Rovers away from relegation in his first five months, he then guided the club to 10th last season.
And, despite having not spent any money on transfer fees this summer, he is pleased with the way his project at Ewood Park is progressing.
"Like every manager you are disappointed you can't bring more in but that is a fact of life at the moment," he told the Lancashire Telegraph.
"But, in terms of development time, I would say we are at least 12 months ahead of where I thought we would be when I first came.
"The main aim then was to keep the club in the Premier League and then to resolve its financial difficulties.
"That left us in a very difficult position in terms of producing a good side for Blackburn Rovers. We have managed to do that.
"We have put the financial side straight by accumulating £30million plus in the transfer market.
"We have gone out and spent wisely - around £12million or £14million - and have left a massive profit for the club.
"To get this far in 20 months with the trials and tribulations we have had has been pretty miraculous.
"It is a position I am delighted to say we are way above where I considered to be."