I would like to insert coloured circles containing text in my help project to point out tips and key features but can't seem to figure out how to do this, Does anyone know if this is possible and how I go about it?
Possible, yes. How complex it is depends on what you want to do.
There are two ways of doing this that you can implement in RoboHelp:
For DIV elements, check: http://www.w3schools.com/tags/tag_div.asp
For backgrounds, check: http://www.w3schools.com/css/css_background.asp