Creating this incredible beef stew is straightforward if you follow these simple steps:

1. Brown the Beef: In a large pot or Dutch oven, heat the olive oil over medium-high heat. Add the beef cubes and brown on all sides. Remove the beef from the pot and set aside.

2. Sauté Onions and Garlic: In the same pot, add the chopped onion. Sauté for about 5 minutes until the onions are translucent. Add the minced garlic and cook for an additional minute.

3. Add Vegetables: Stir in the sliced carrots and diced potatoes. Cook for another 3-4 minutes.

4. Deglaze the Pot: Pour in the red wine (if using) and scrape the bottom of the pot to release any browned bits. Let it simmer for 2-3 minutes.

5. Combine Ingredients: Return the browned beef to the pot. Add the beef broth, tomato paste, Worcestershire sauce, dried thyme, bay leaf, salt, and pepper.

6. Bring to a Boil: Increase the heat to high and bring the mixture to a boil.

7. Simmer: Once boiling, reduce the heat to low. Cover the pot and let it simmer for about 2 hours, or until the beef is tender.

8. Adjust Seasoning: After 2 hours, taste the stew and adjust the seasoning with more salt and pepper if needed.

9. Serve: Remove the bay leaf before serving.