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Combine cold water, oyster sauce, if using, remaining 3 teaspoons soy sauce, remaining cornstarch, and bouillon granules in small mixing bowl. Combine well and set aside.
Heat 2 tablespoons oil in large skillet. Add beef mixture and stir-fry over medium-high heat until beef is browned. Remove mixture from the skillet and set aside. Heat remaining oil to the skillet and add the mushrooms and onions. Stir-fry over medium-high heat 1 minute. Add bean sprouts and water chestnuts and stir-fry for another minute. Stir in the cornstarch mixture and the beef and cook until thickened and bubbly. Serve with rice and additional soy sauce, if desired.