In a large nonstick skillet, or dutch oven, heat oil over medium heat. Saute onion until soft. Add beef cubes and cook, stirring often, until meat is browned on all sides.
Add 2 cups water, Worcestershire sauce, soy sauce, garlic powder, salt and pepper to beef. Bring to a boil; reduce heat, cover and simmer for 1 ½-2 hours.
Meanwhile, combine gravy mix package with 1 cup water. Mix thoroughly and stir into meat mixture. Simmer, stirring frequently until slightly thickened.
Serve over rice, egg noodles, or mashed potatoes
Nutritional Info Per Serving: (1 serving, 8 oz.) 366 calories; 19 g fat (5 g saturated fat; 7 g monounsaturated fat); 99 mg cholesterol; 1205 mg sodium; 6.5 g carbohydrate; 0.4 g fiber; 40 g protein; 6.2 mg niacin; 0.7 mg vitamin B6; 5.7 mcg vitamin B12; 4.9 mg iron; 30 mcg selenium; 13.4 mg zinc.