"It's been a disappointing year - a tough year only winning four games," Gibson said.
"But what I can say is the Waratahs have been here before.
"We've had seasons where we've been low, and the following year we've transformed ourselves. It's not impossible.
"It's a task I'm very passionate about. And if I get the privilege and honour of leading the team, it will certainly be my job (turning it around) for next season."
Gibson admits his team have deficiencies across the board that need to be addressed.
But he denied they put up the white flag during their four-match losing run to end the season.
"I don't think we ever put up the white flag. But that losing spiral is a difficult one to break," Gibson said.
"The momentum can be both ways - both winning and losing. A lot of that is psychological.
"We can't have another season like this. We know the areas we need to fix."
Waratahs skipper Michael Hooper was adamant the franchise was well placed to turn their fortunes around in 2018.
"We've got the playing group and coaches to do it," Hooper said.
"The desire after a season like this couldn't be stronger. I wish we were going straight into another season.
"It's unfortunate to have a season like this.
"But within this season, the young players, the 22-24 range, will learn a hell of a lot. And we won't be back here again."
