Remove steak from the fridge, rub with olive oil and season generously with salt & pepper. Allow steak to rest at room temperature for 30-45 minutes.
While your steak is resting, if you don't have cooked bacon, fry up a couple of slices in a pan on medium heat.
In a bowl, mix your bacon bits and blue cheese together.
Lightly brush your onion with olive oil.
When your steak is almost done resting, heat your barbecue to medium-high heat.
After heating for about ten minutes, place your steak on the grill, along with the slice of red onion.
Cook steak and red onion for about 3-5 minutes per side, or until your desired doneness.
In the last couple of minutes, place some of the blue cheese and bacon crumble on top of the steak, allowing it to melt slightly.
Remove from barbecue, allow to rest for 10 minutes, and serve with the rest of your blue cheese and bacon crumble!