Add the Worcestershire sauce, soy sauce, balsamic vinegar, brown sugar, black pepper, liquid smoke, garlic powder, onion powder, cayenne pepper, and pink salt in a large bowl. Whisk to combine.
Place the thinly sliced strips of beef in a gallon storage bag and pour in the jerky marinade. Set in the refrigerator overnight or for up to 24 hours.
Set your dehydrator or smoker to 140 degrees and drain the beef strips from the marinade.
Set the jerky slices evenly across the racks, leaving space between them for airflow.
Beef jerky in the dehydrator will finish in approximately 3 hours. Jerky in the smoker may take 9 hours. Check the jerky hourly, it is done when it is dry to the touch and cracks slightly when bent.