Preheat your oven to 300°F (150°C).
Season the short ribs generously with salt and pepper.
Heat olive oil in a large Dutch oven over medium-high heat. Sear the short ribs on all sides until they develop a nice crust, about 3-4 minutes per side. Remove the ribs and set aside.
In the same Dutch oven, add the chopped onion and cook until translucent, about 5 minutes. Add the minced garlic and cook for an additional minute.
Pour in the beef broth to deglaze the pot, scraping up any browned bits from the bottom.
Stir in the balsamic vinegar, Worcestershire sauce, Dijon mustard, liquid smoke (if using), and smoked paprika.
Return the short ribs to the pot and bring the liquid to a simmer.
Cover the Dutch oven with a lid and transfer it to the preheated oven. Braise for about 3 hours, or until the meat is tender and falls easily off the bone.
Carefully remove the Dutch oven from the oven and transfer the short ribs to a plate. Tent with foil to keep warm.
Place the Dutch oven over medium heat and simmer the sauce until it thickens to a glaze-like consistency, about 10-15 minutes. Adjust seasoning if necessary.
Serve the short ribs with the reduced balsamic sauce and garnish with fresh herbs.