A little after "Time is precious" (4)
I believe the answer is:
twee
'precious' is the definition.
(I've seen this before)
'a little after time' is the wordplay.
'a little' becomes 'wee' (I've seen this before**).
'after' means one lot of letters go next to another.
'time' becomes 't'.
'wee' after 't' is 'TWEE'.
'is' is the link.
(Other definitions for twee that I've seen before include "Sentimental, quaint" , "Excessively quaint" , "rather quaint" , "Attractively quaint" , "Sickly sweet" .)