The region's businesses are losing up to £11 billion in turnover due to a lack of resources and a fear of teamwork.

More than 130,000 (around half) of Yorkshire's small firms admit that they have been unable to take advantage of new ideas or opportunities in the last 12 months, according to a survey by Clearlybusiness.com.

The online small business advice company found that, on average, each small firm in the region lost out on approximately £42,000 worth of additional turnover in the last year - which the survey said many cannot afford to miss.

The research also found that a lack of available finance was one of the major reasons for the failure in boosting vital turnover.

But there was also an unwillingness to work more closely with other companies, which was considered to be another reason behind the opportunities missed by businesses who had taken a blinkered view towards their operating methods.

And missing out on these opportunities was costing the firms dear, according to the research.