Cut beef into 1/4-inch thick slices. Combine soy sauce, water, Worcestershire sauce, sugar, salt, onion powder, garlic powder, and liquid smoke. Pour marinade into heavy-duty resealable bag. Add beef and mix well; seal bag and refrigerate 12 hours.
Remove beef from marinade, pat dry with paper towels, and allow to stand for 30 minutes. Discard used marinade. Meanwhile, soak wood chips.
Preheat smoker for 10 minutes.
Arrange beef on drying racks. Smoke for 5 to 7 hours, depending on how you like it, replenishing wood chips as necessary.