I've got a slightly different problem but with a similiar scenario. I took over at Portsmouth 4 games before the end of the first season. They were 19th in the league and had very little chance of escaping the drop. I tried to save them but we eventually were relegated.
After, the season updated the board wanted me to get promoted from the Championship, which is fair enough. However, the long term aim from the season before still stands of qualifying for Europe in the next season.
When I signed it was a three year plan to reach the UEFA cup this way which I thought was achieveable given Portsmouths finances. However, I hadn't counted on it being seasons that it had to done in. Its going to be an uphill challenge.