Tape off any areas you do not want affected during the stripping and refinishing process. Placing a drop cloth over the stairs protects them against spills.
Strip the old finish from the side panels. If the panels were only painted without using a wood sealer, paint thinner or mineral spirits removes the finish. Otherwise, sand the wood down with medium-grade sandpaper until the wood is bare.
Sand the side panels down with fine-grade sandpaper. This creates a smooth surface that is more receptive to paint or stain. This is especially important if you are staining the wood. Wipe the side panels down with a damp cloth.
Treat the wood with wood conditioner if you are staining, or wood primer if you are painting. Both can be applied with a paintbrush. Wood conditioner may also be applied with a cloth. Let the wood primer or conditioner completely dry.
Apply the stain or paint. Both materials are applied with a roller or paintbrush, although stain may also be applied with a cloth. If you stain, wiping the wood down with a clean cloth absorbs the excess stain about 30 seconds after you finish applying the stain. Always work with the wood’s grain with either process. Allow the stain or paint to dry.
Apply a polyurethane wood sealer over the dried paint or stain. Stir the polyurethane with a paint stirrer, and then apply it to the wood with a foam or lamb's wool applicator. Spread the polyurethane with the grain. Let it dry, and then lightly sand it down with very-fine-grade sandpaper. Wipe the side panels down, and then apply one or two more coats of polyurethane.