Mix the stain according to the manufacturer's instructions. The stain should be formulated for exterior surfaces and will most likely be oil-based. Pour the stain into a small bucket, paint tray or the reservoir tank of a paint sprayer.
Apply the stain with a paintbrush, paint roller or paint sprayer. Work in small sections to ensure good coverage. Each tool should be used to apply the stain in smooth back-and-forth motions that go with the grain, never against it. When you finish a section, allow the stain to sit for about 5 minutes, then wipe it down with a cotton cloth to soak up any excess stain.
Allow the stain to dry. Drying times vary, so see the stain's label for specific information. The wood should feel completely dry to the touch, not tacky. If you want a more concentrated pigmentation of the wood grain, apply more coats of stain.
Mix the polyurethane with a paint stirrer. As with the stain, the polyurethane should be formulated for use on exterior surfaces and will either be oil- or solvent-based.
Pour the polyurethane directly on the wood surface. Gently spread the polyurethane with the grain of the wood using a foam or lamb's wool applicator. Spread the polyurethane thinly and evenly using full, smooth strokes.
Sand the polyurethane lightly with 400-grit sandpaper once it is completely dry. This generally takes about 8 or more hours, but drying times vary by manufacturer, so check the label before using the product. This also means you should work on a day with moderate temperatures and low humidity.
Wipe the wood down with a damp cloth to remove any dust you created when sanding the polyurethane. Apply three or four more coats of polyurethane using the same method.