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I run my own small business, and as such dont have a formal travel policy. I decide on each job.
I always look at the options, however i do like to use BA whenever due to Status and ON Business rewards, and to be fair, the costs of flying BA if booked in advance, are better than Lo cost. I have a will not fly Ryanair and United preference, and Easyjet if I have to, and avoid ME3. For when things go wrong they do not have good reports
In terms of class of travel, Europe is mostly economy, though I will buy Club, if the difference in price is marginal, or as a treat on the way home from a job.
Long Haul if going to USA, i often start in Dublin, to reduce costs, as living in Wales, Dublin is almost as easy to reach, and cheaper than train to London. I will usually book PE as standard, or economy westbound day flight and PE or Club home eastbound. I will choose the route or flight time based on fare and value, so may delay flight if can get a deal. Also have to be aware of return time into LHR for onward connections, to avoid peak rail fares from Reading. I usually book last sector from LGW to Dublin and miss the flight, that m25 is a pain.
So BA or oneworld, economy or club shorthaul. And longhaul PE but may go WT or Club home( nightflight)