The report from Lloyds TSB highlights three quarters (73%) of companies had not yet looked into the opportunities around the Games, while only one in five (20%) plan to take any action within the next 12 months.

The survey of 800 UK firms also revealed that eight out of 10 (81%) SMEs are yet to take action to tap into the commercial opportunities, compared to 58% of larger firms.

The research also revealed that almost a quarter (21%) of businesses feel it is too early to start looking into the opportunities despite the Olympic Delivery Authority having already awarded contracts worth more than £1bn.

One in five (20%) don’t feel their business is large enough to compete although the majority of contracts awarded have been won by SMEs.

As a result, Lloyds TSB has produced the Official Business Guide for London 2012, designed to offer companies across the country advice on how to compete for the commercial opportunities created by the London 2012 Olympic Games.

BPIF director of corporate affairs Andrew Brown told printweek.com: "Some printers are reactive when competing for public sector tender work and some are not".

He added: "It can also be off-putting and onerous for smaller businesses to go for public procurement opportunities. There will be print contracts coming out until the games and sites such as http://www.supply2.gov.uk/ can help fims take advantage of these.

LOCOG chairman Sebastian Coe said: "With over £6bn of contracts available, businesses need to act now to make the most of the opportunities available between now and 2012."