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Begin by placing 1 tablespoon of olive oil in a large 5-quart pot. Heat it over medium-high heat. Once the oil is hot, add half of the cubed beef. Brown the meat for about 7 to 9 minutes, ensuring it’s fully cooked.
When the beef is nicely browned, transfer it to a separate bowl and set it aside.
In the same pot, add another tablespoon of olive oil and repeat the process with the remaining beef cubes. Allow them to brown thoroughly before placing them alongside the first batch.
Add the third tablespoon of olive oil to the pot. Toss in the diced onion. Sauté for about 2-3 minutes until the onions become tender and fragrant.
Return all the browned beef to the pot. Pour in the beef broth, sprinkle in the onion soup mix, and add the Worcestershire sauce, salt, pepper, and the bay leaf. Stir everything together to combine.
Cover the pot with a lid, reduce the heat to low, and let it simmer gently for about 1 and a half hours.
After the cooking time is up, carefully remove the bay leaf from the pot.
In a separate small bowl, mix the cornstarch with the water until fully dissolved.
Pour the cornstarch mixture into the pot with the beef. Stir continuously for about 2 minutes until the sauce thickens.
Before presenting your dish, sprinkle the parsley over the top for a pop of color and freshness.
Serve the Beef Tips hot, and enjoy.