Technically when it comes to cloud vs. dedicated resources it is important to note that cloud packages also come in public (shared) and private instances so you can't really compare "cloud" to "dedicated" without context.
The main difference between cloud and dedicated hosting is that a dedicated plan is just a single server or multiple physical servers if you need extras. Cloud plans are a bit different in that you specify the power/resources needed and the hosting company will allocate that set across a number of severs, however they'll all function as a single machine.
The advantage of cloud hosting is that you can scale and reduce resources literally in real time so you can keep costs reasonable whereas with a dedicated plan you'll be paying for a full server even if you only use 1GB of bandwidth a month on it.
Overall, the final decision on how to host depends on the type of setup you need because for constant high end sites dedicated servers can be cheaper, and you can even combine dedicated/cloud hosting so if you have a sudden traffic spike, your dedicated servers can fallback to the cloud until things settle down, so my best advice is to contact a few hosts and discuss your needs and then have them propose solutions which are a good fit.
As a journalist I've been interviewing a few hosts and all of them say that they have teams specifically for assisting clients with architectures, including small business clients who aren't necessarily big spenders.