The Gunners are determined to invest in their squad over the break after losing out to Manchester City in the title race.
The club are also looking at bringing in another midfielder, a centre-back and possibly a new forward too.
And Arteta said: “We have to nail everything that we do and we have to seek excellence in everything that we touch and participate in, to have a big impact at the club.
“I think the competition is going to be even harder than this season. In my opinion, it’s been the hardest of the 22 years that I’ve been in this league.
“In order to do that, we have a really promising plan. We may have to reflect a little bit, take a step back, make sure this is the right one and go again with more determination and hunger in the tummies to do even better.”
Arsenal made a fast start to this season and Arteta believes the fact they got their business done early helped.
“That certainly contributed to the team getting the right foundation, building the right chemistry and reaching the right level of comfort and security with the new players to give them a little bit of time to adapt to a new life in a new country and a new team,” said Arteta.
“That happened in a natural way. We had some great players, but also some really good characters who grew into the team so quickly.
“We generated from the beginning while we want it and results help, which is crucial. Then we started to have good momentum.”