diff --git a/Cargo.lock b/Cargo.lock
index 1da1393..358bcab 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1869,7 +1869,7 @@ checksum = "6980e8d7511241f8acf4aebddbb1ff938df5eebe98691418c4468d0b72a96a67"
 
 [[package]]
 name = "spin-executor"
-version = "3.0.1"
+version = "3.1.0"
 dependencies = [
  "futures",
  "once_cell",
@@ -1878,7 +1878,7 @@ dependencies = [
 
 [[package]]
 name = "spin-macro"
-version = "3.0.1"
+version = "3.1.0"
 dependencies = [
  "anyhow",
  "bytes",
@@ -1889,7 +1889,7 @@ dependencies = [
 
 [[package]]
 name = "spin-sdk"
-version = "3.0.1"
+version = "3.1.0"
 dependencies = [
  "anyhow",
  "async-trait",
diff --git a/Cargo.toml b/Cargo.toml
index 1e39450..345920d 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -21,8 +21,8 @@ anyhow = "1"
 async-trait = "0.1.74"
 chrono = "0.4.38"
 form_urlencoded = "1.0"
-spin-executor = { version = "3.0.1", path = "crates/executor" }
-spin-macro = { version = "3.0.1", path = "crates/macro" }
+spin-executor = { version = "3.1.0", path = "crates/executor" }
+spin-macro = { version = "3.1.0", path = "crates/macro" }
 thiserror = "1.0.37"
 wit-bindgen = { workspace = true }
 routefinder = "0.5.3"
@@ -81,7 +81,7 @@ wasmtime-wasi-http = "18.0.1"
 wit-component = "0.200.0"
 
 [workspace.package]
-version = "3.0.1"
+version = "3.1.0"
 authors = ["Fermyon Engineering <engineering@fermyon.com>"]
 edition = "2021"
 license = "Apache-2.0 WITH LLVM-exception"
diff --git a/release-process.md b/release-process.md
new file mode 100644
index 0000000..eb161a9
--- /dev/null
+++ b/release-process.md
@@ -0,0 +1,27 @@
+# Cutting a new release of the Spin Rust SDK
+
+To cut a new release, you will need to do the following:
+
+1. Confirm that [CI is green](https://github.com/fermyon/spin-rust-sdk/actions) for the commit selected to be tagged and released.
+
+2. Change the workspace version number in [Cargo.toml](./Cargo.toml) and the versions for any dependencies that are part of this workspace (e.g. `spin-macro`).
+
+3. Create a pull request with these changes and merge once approved.
+
+4. Checkout the commit with the version bump from above.
+
+5. Create and push a new tag with a `v` and then the version number.
+
+    As an example, via the `git` CLI:
+
+    ```
+    # Create a GPG-signed and annotated tag
+    git tag -s -m "Spin Rust SDK v3.1.0" v3.1.0
+
+    # Push the tag to the remote corresponding to fermyon/spin-rust-sdk (here 'origin')
+    git push origin v3.1.0
+    ```
+
+6. Pushing the tag upstream will trigger the [release action](https://github.com/fermyon/spin-rust-sdk/actions/workflows/release.yml) which publishes the crates in this workspace to `crates.io`
+
+7. If applicable, create PR(s) or coordinate [documentation](https://github.com/fermyon/developer) needs, e.g. for new features or updated functionality.
\ No newline at end of file