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The Mayor and the Olympic Authorities need to do more to help London's small and medium-sized businesses compete with multinational firms for 2012 contracts.

A London Assembly report said that an Olympic Mark should be established for firms that met procurement requirements, similar to the kite mark.

It said the Olympics must allow small firms to take part in the multi-billion pound procurement process. It issued a warning that small businesses already faced a lack of information, capacity constraints and red tape when bidding for public contracts.

Although small enterprises would find it difficult to win major contracts, the report concluded that careful planning and support would help them secure subcontracts and smaller specialist tenders.

Dee Doocey, chair of the Assembly's economic development committee, said: "London's small firms must be allowed to compete for Olympic contracts if the Games is to succeed in achieving an economic legacy.

"Ninety-nine per cent of London firms are small businesses employing less than 50 people. This is a third of all employment in the capital. Their involvement in Olympics work is key to maximising the benefit of hosting the Games."

The committee makes the following recommendations to help businesses profit from the Games:

• Targets must be set for involving small firms in bidding for Olympic contracts, which are regularly monitored and published quarterly
• An ‘Olympic Mark' for firms that meet procurement requirements, similar to the kite mark.
• A ‘one stop shop' website with information about Olympic business opportunities.
• The tendering process must be simplified and contracts need to be written in plain language.