On your drawing toolbar, click on the circle. Draw your circle out as large as you can without going over the edges of the document. You can make sure that your circle is not an oval by right clicking on the circle, going to 'format autoshape' and clicking on the 'size' tab. if it is a perfect circle, your height and width should be the exact same dimensions.
Right click on the circle, and go to 'format autoshape'. Where it says 'line', go under 'color' and pick a grayish color (this way when you're cutting it out, you wont have any dark black lines)
next, insert your monogram at the top center of the circle as a text box, or as a picture.
print out your template on vellum paper, cut, and voila...petal con