Freeze beef to make it easier to slice, about 20 minutes. Slice beef against the grain into strips about 1/4-inch thick.
Whisk soy sauce, Worcestershire sauce, brown sugar, liquid smoke, onion powder, chili powder, garlic powder, cayenne, and pepper together in a large bowl. Add beef strips. Cover and marinate in the refrigerator, mixing at least twice, 18 to 24 hours.
Arrange beef strips on dehydrator trays. Dehydrate at 160 degrees F (70 degrees C) until dried, about 8 hours.