Preheat the oven to 325 degrees Fahrenheit (you can also make this in the slow cooker).
Use the salt and pepper to thoroughly season the beef. Sprinkle with flour and coat the beef completely.
Warm the olive oil on medium in a Dutch oven.
Cook the beef until it is brown on all sides, but don’t bother to cook it completely right now. You will cook it all the way through later on. Set the beef aside once it has browned.
Add the carrots, onions, and garlic to the Dutch oven. Stir it as it cooks for about 3 minutes, until the food starts to brown slightly.
Add in the beef broth, tomato paste, potatoes, thyme, bay leaf, and Worcestershire sauce. Scrape the bottom of the pot to remove the browned food that may be stuck there.
Warm your mixture and cook until it simmers, then stir and add in the beef, covering the Dutch over afterwards. Then, move the food to the preheated oven.
Let the stew cook for 2-2 ½ hours, and it should cook until the beef has become tender. Add in additional salt and pepper, if needed, and serve your stew hot.