Pat the beef tips dry with paper towels. Season generously with 1 teaspoon of salt and 1/2 teaspoon of black pepper.

Place the 1/2 cup of all-purpose flour in a shallow dish. Dredge the seasoned beef tips in the flour, shaking off any excess.

Heat 2 tablespoons of olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Ensure the pot is hot.

Working in batches to avoid overcrowding, add the floured beef tips and sear on all sides until deeply browned, about 3-4 minutes per batch. Remove seared beef to a plate and set aside.

Reduce heat to medium. Add 1 tablespoon of olive oil to the Dutch oven (if needed). Add the chopped yellow onion and cook, stirring occasionally, until softened and translucent, about 5-7 minutes.

Add the minced garlic and cook for another minute until fragrant, being careful not to burn it.

Deglaze the pot by pouring in 1/2 cup of the beef broth, scraping up any browned bits from the bottom of the pot with a wooden spoon.

Stir in the remaining 3 1/2 cups of beef broth, Worcestershire sauce, dried thyme, and bay leaves. Bring to a gentle simmer.

Return the seared beef tips and any accumulated juices from the plate to the Dutch oven.

Bring the mixture back to a gentle simmer, then reduce the heat to low, cover the pot tightly, and cook for 2 to 2.5 hours, or until the beef is fork-tender. Stir occasionally to prevent sticking.

Once the beef is tender, remove and discard the bay leaves. In a small bowl, whisk together 2 tablespoons of cornstarch with 2 tablespoons of cold water to form a smooth slurry.

Slowly pour the cornstarch slurry into the simmering gravy, stirring constantly until the gravy thickens to your desired consistency. Let it simmer for another 5 minutes to cook out the cornstarch taste.

Stir in the heavy cream (if using) for extra richness. Taste and adjust seasoning with additional salt and pepper if necessary.

Garnish with fresh chopped parsley and serve hot over mashed potatoes, egg noodles, rice, or polenta.