create a circle
make an outline with 5mm
select both and choose compound vector

create a text and choose either an outline or add a rectangle around it and make a line between all letters

red is cut
green is engrave
blue is score

make a knot with the cord on one side
this way you can always tighten the line well
wrap it around several times 
always under tension

at the end put a drop of glue on the end of the string
 

thread the flowers between the string 
be careful that the flowers do not break and that the string is not stretched too much

at the end, stick the text to the string with the glue
and finally pull a string through the top to hang it up