Preheat the oven to 375 degrees.
Add bacon to a large pot or dutch oven over medium high heat, cook until crisp, remove from pan, drain and set aside. Add 1 tbsp olive oil to the pan with bacon drippings. Season the beef with salt and pepper, add to a hot pot and sear in batches until browned all over. Once beef is finished searing, remove from the pot, drain on paper towels, and place to the side.
Next add chopped onion, stirring until soft, 2 to 3 minutes.
Add garlic and only cook for 30 seconds.
Sprinkle in flour and stir together and cook for about 2 minutes
Add the red wine to deglaze the pan scraping up all the little browned bits.
Pour in the beef stock, and soy sauce then stir and whisk until everything is smooth. Add back in bacon if you would like for the additional flavor.
Add thyme sprigs then bring the braising liquid to a boil.
Once boiling, return beef tips to liquid, cover with top and place in the oven for 1 1/2 - 2 hours or until beef tips are completely tender (easily separated with a fork) and the liquid has thickened into a gravy.
Serve with hot rice and enjoy.