All of the above.
The squad is small now due to budget constraints. The basic brand of football the manager likes to play can be effective at this level, but there's no real Plan B if things don't go his way. Several players are significantly out of form at present, but the squad numbers are such that there's nobody to come in and replace them apart from a group of largely untried youngsters, none of who look particularly outstanding or suited to the way the manager wants his team to play.
It's a bit of a car crash at the moment and it's the result of a host of poor decisions at boardroom level.