Sear The Meat: Heat olive oil in a large dutch oven until hot, the add your stewing meat to the pot. Sear on each side until beginning to brown, about 2-3 minutes per side. When done, remove from the pot and set aside.
Sauté The Veggies: Add the chopped carrots, onion, and beets to the same pot that the meat was cooking in. Sauté, stirring frequently, until beginning to soften, about 8 minutes.
Toss in Aromatics & Spices: Once the vegetables are beginning to soften, add the tomato paste, garlic, thyme and salt/pepper to the pot and stir until well combined. Allow to cook for about 60 seconds, stirring the entire time to prevent burning.
Deglaze The Pot: Now, pour in the balsamic vinegar, stirring well, before adding the beef broth. Using a wooden spoon, scrape up any bits that are stuck to the bottom of the pot, as these add a lot of flavor to the dish.
The Meat And Potatoes: Toss in the seared meat and potatoes to the pot. Add a bay leaf, and stir the pot well.
Low and Slow: Increase the heat and bring the stew to a boil before lowering and bringing the stew to a low simmer. Place the lid on and low simmer the stew for about 2 hours, occasionally stirring the contents.
Thicken: Once the stew is about done, scoop 1/2 of a cup of the stew liquid into a small bowl. Add the flour to that bowl and whisk until fully combined with no clumps. Add the flour mixture back to the stew and mix it in well. Repeat this step until desired thickness is achieved.
Serve: Taste prior to serving and add salt/pepper as needed. Top with chopped parsley and enjoy!