The Norfolk club on Thursday morning revealed a robust set of latest accounts published for the year end May 31 2013, which returned a small profit after tax of £500,000 as a large portion of additional £26.3m revenue was used to slash down external debt which had stood at some £11.3m, with the remainder now cleared since June 1 and that still owed to directors set to be wiped out in the next set of accounts.
Chairman Alan Bowkett feels from such solid foundations, there is no reason why Chris Hughton's squad - currently in the bottom three following four defeats from the opening seven Premier League matches - should not go on to challenge for a top-10 finish.
This summer Hughton has been given an unprecedented budget for player transfers, which have included the club-record £8.5million purchase of Dutch striker Rickie van Wolfswinkel as well as what looks a shrewd piece of business to bring in England under-21 winger Nathan Redmond from his former club Birmingham.
McNally, appointed in June 2009 following spells at Celtic and Fulham, has helped mastermind the revival of the Norfolk club which not so long ago was rock bottom of League One following a humiliating 7-1 home defeat by Paul Lambert's Colchester on the opening day of the 2009/2010 campaign.
The Norwich chief executive - who along with the board moved quickly to replace club stalwart Bryan Gunn with Lambert which sparked successive promotions up to the top flight - needs no reminding of what a battle it has been to get the club back on an even keel and the challenges ahead to keep it among the elite of English football.
"I have still got Norwich 1 Colchester 7 on my office wall, so if ever I think I am patting myself on the back too much, I look at that," McNally said.
"But what we concentrate on here is to just look forwards because we cannot worry too much about what we have done well in the past or badly in the past.
"Of course we learn from it, but we focus on what we need to do.
"Football is changing and moving forwards so quickly that if we are not at 100 miles an hour, we will be toast because there are lots of very rich people involved in this league.
"They are very clever and good at what they do, so we need to be better because we are not as rich, we need to be nimble on our feet.
"The back office needs to be great, the front office needs to be great and the players need to make the contribution which their salaries justify."
McNally accepts Norwich will never be able to compete with the big spenders of the new Premier League era, but sees no reason why with careful planning the Canaries cannot continue to consolidate their place at the top table.
"The most important thing in our business is to be brilliant in football recruitment of the players and be focused on bringing the right talented young men to this football club," he added.
"That is what we have endeavoured to do in previous years and again this summer.
"We need to punch above our weight when it comes to recruitment, because there are plenty of richer clubs around than ourselves."
McNally added: "There is money available for January if we need to go into the market, but that is always a difficult time to trade sensibly."