Follow these straightforward steps to prepare your Beef Bourguignon:

1. Preheat the Oven: Preheat your oven to 325°F (160°C) to prepare for the slow cooking process.
2. Sear the Bacon: In a large, heavy-bottomed pot, cook diced bacon over medium heat until crispy. Remove and set aside, keeping the bacon fat in the pot.
3. Brown the Beef: In the same pot, add the beef cubes in batches, searing until browned on all sides. Remove and set aside.
4. Sauté Vegetables: In the remaining fat, add chopped onions and carrots. Cook until softened, about 5 minutes. Stir in minced garlic and cook for another minute.
5. Add Tomato Paste: Stir in the tomato paste until well combined with the vegetables.
6. Deglaze with Wine: Pour in the red wine, scraping the bottom of the pot to incorporate the flavorful bits left from browning the meat and vegetables.
7. Combine Ingredients: Return the browned beef and bacon to the pot. Add beef broth, thyme, bay leaves, salt, and pepper. Bring to a simmer.
8. Transfer to Oven: Once simmering, cover the pot with a lid and transfer it to the preheated oven. Let it cook for 2 to 3 hours or until the beef is tender.
9. Sauté Mushrooms and Onions: About 30 minutes before the stew is done, heat olive oil in a pan. Sauté pearl onions until golden and add the quartered mushrooms, cooking until browned. Set aside.
10. Thicken the Sauce: When the beef is tender, remove the pot from the oven. If you prefer a thicker sauce, combine flour with a bit of water to create a slurry, then stir it into the stew.
11. Add Final Ingredients: Stir in the sautéed onions and mushrooms into the stew, cooking on the stove for additional 5-10 minutes over low heat to heat through.
12. Garnish and Serve: Remove bay leaves, taste, and adjust seasoning if necessary. Garnish with fresh parsley before serving.

With these steps, you will have mastered the art of making Beef Bourguignon that will amaze your friends and family.