Williams deputy principal Claire Williams has insisted that third place behind Mercedes and a resurgent Ferrari "isn't anything to be ashamed of".
The Oxfordshire-based constructor had finished last season as the closest challengers to the dominant Silver Arrows and were expected to represent Mercedes's biggest rivals in 2015 before the Scuderia's return to form.
However, Williams is refusing to blame her team's performances for slipping behind Ferrari in the pecking order.
"Third isn't anything to be ashamed of," Williams told Sky Sports News.
"I've always said it's about working harder and smarter than the others. The likes of McLaren and Ferrari have always had bigger budgets than us and we have won sixteen championships against them.
"I heard that Ferrari are ploughing in another £100m to their development on top of what they had already allocated and that's our whole budget! To be honest, I'd love to be able to win against them, with a third of their budget."
Valtteri Bottas finished fourth for Williams at Sunday's Bahrain Grand Prix while teammate Felipe Massa came home in 10th place.
