Set a Dutch oven over medium heat.
Add diced bacon to the dutch oven and cook for 6 to 8 minutes, or until crispy.
Remove bacon with a slotted spoon and set aside; reserve bacon drippings in the Dutch oven.
Sprinkle flour over beef chunks; season with salt and pepper and toss to combine.
Set Dutch oven over medium-high heat.
Working in batches, add half of the beef cubes to the Dutch oven and cook for 2 to 3 minutes, or until browned on all sides.
Remove browned beef and set aside.
Add remaining beef cubes and brown on all sides; remove beef and set aside with the rest.
Set Dutch oven over medium-high heat and add olive oil, if needed.To the heated oil add carrots and onions; cook for 5 minutes, or until onions are just softened.
Stir in the garlic, then stir in the mushrooms and cook for 1 minute.
Add tomato paste and stir to coat.
Add wine, broth, parsley sprigs, thyme sprigs, beef, prepared bacon, and bay leaf; bring to a simmer.
Reduce heat to medium-low; cover and cook for 50 to 60 minutes, or until beef is tender.
Remove thyme sprigs and bay leaf.
In a small mixing bowl combine beef broth and cornstarch; whisk to combine.
Add the slurry to the Dutch oven; stir to combine.
Simmer for 2 to 4 more minutes, or until sauce is thickened.
Remove from heat. Taste for salt and adjust accordingly.
Garnish with parsley and serve.