By Kelvin YapFollow @@plevyakin
Liverpool have struggled to get their season going under new manager Brendan Rodgers, winning only one of their seven league matches so far and are currently 14th in the Premier League table with six points.
Henchoz told ESPNSTAR.com that the Reds' slow start could be put down to a tough fixture and unfortunate results, but he also pointed out that the club is still suffering from poor management decisions made by the previous managers.
The former Swiss international lamented the raft of signings the Reds made under Roy Hodgson and Kenny Dalglish, where they spent more than £100 million on players like Stewart Downing, Jordan Henderson and Charlie Adam who failed to shine at the club.
Henchoz, who is in Singapore for the EPL Masters Football Singapore Cup 2012, told ESPNSTAR.com: "I think the big mistake we made last season was with the summer signings. Liverpool spent 100 million pounds on six or seven players but only Suarez is doing okay.
"The rest of them are simply not good enough; Henderson, Downing - they're not the ‘Liverpool' standard."
Rodgers has moved to get rid of the players by loaning out Andy Carroll, selling Charlie Adam and relegating Stewart Downing to a fringe role in the squad but the move has left the squad thin - with Fabio Borini out with a long-term injury, Luis Suarez is now the only orthodox striker left in the Liverpool squad.
As such, Henchoz feels that the Northern Irishman should be given more time at the helm of the club to reverse their fortunes. The 38-year-old also urged fans to lower their expectations for the coming season and focus on getting the right players for the squad to prepare for the next season.
"Rodgers needs to be given time. It is always going to be a huge task to bring Liverpool back to the top," he said, "It won't be easy. This season is a transition season and for me, they should not be thinking of a top four finish.
"It's just about getting the right players first, making sure they bring a few players in during the January transfer window. They will definitely need strikers, and that means getting more than one striker for me."
Liverpool striker Luis Suarez's diving antics have recently occupied headlines and Henchoz has urged the Uruguayan to adapt to the Premier League and stay on his feet.
"Suarez needs to change his mentality," Henchoz commented," He's a good striker, but he needs to change and realise he's not playing in another league like Italy or in his own country, where if you win a free kick, it's good.
"In England, it's all about staying on your feet. If you fall, it's really because there is something. At the moment, he is always trying to win penalties and free kicks. It's not helping him and it's not helping Liverpool."
The EPL Masters Football Singapore Cup 2012 will be held on 14th October at the Kallang Indoor Stadium in Singapore and will feature former Premier League stars Patrik Berger, Robbie Fowler, Andy Cole, Paul Parker, Frank LeBoeuf as well as former Singapore stars Fandi Ahmad, V. Sundramoothy and Abbas Saad.