Depending on the situation, Ockham's razor can be helpful to shave the superfluous or do damage and shave off too much or even cause bleeding.  

In your case of the steak, it will be probably the aliens who have taken steak because you know that your dog doesn't steal. But considering that aliens are very unlikely to have invaded yet, you might think it reasonable to think that you have come to know a new thing about your dog. In this case, it is helpful to apply Ockham's razor (as long as you don't apply it to your dog!). The alien-based reason for the disappearance of the steak seems too far-fetched. It's much simpler to just blame your dog (which is even sitting next to it, wiggling his tail, a strong hint that the guilty one shouldn't be sought in the heavens).  
But what if your steak wasn't there anymore and both your cat (assuming you have one) and your dog are in the room. The dog is watching you, his head covered with bloodstains, and your cat is licking herself clean while purring satisfied. In the room of little Henry, it smells steaky.  
Now it's not so easy to apply Ockham's razor. Well, you could say again that aliens are the cause of the disappearance of the steak, but this can be ruled out by applying the razor again. Now it could be that your dog has used the razor himself, to account for the blood, but this can also be ruled out by applying Ockham's razor. you find a number of explanations. Each involves the dog, the cat, and little Henry. Each explanation is based upon the evidence (the bloodstains, the purring, and the smell) and your knowledge of the three involved. You're not sure at all which of these explanations can be true.  
So Ockham's razor can't be applied yet. It's possible that one of the three is responsible, two of them, or maybe they even played in cahoots. In finding the guilty one(s) it's possible you come to know new things about each one of them. While investigating you come up with scenarios that can be ruled out by the razor. Eventually, you have a number of scenarios. How to choose between them? Can you apply Ockham's razor? No. But only one scenario is the real one. So how to know the real one? The dog and the cat can't speak. Little Henry can lie. But if you offer him a sweet... How to know for sure about the dog and the cat? Unless little Henry has seen what happened this will remain quite unsure. Ockham's razor doesn't provide in this case.  

So, depending on the situation and explanations given, it can rule out certain explanations, it can't be used at all. situation and explanation will depend on each other though. In a world where aliens are common, the explanation could be reasonable. In the early days of relativity, a big bang would have been shaven of immediately. Which was a pity (the bleeding), as it is seen these days as something that really happened.