Time and running order of business (6)
I believe the answer is:
agenda
'order of business' is the definition.
('agenda' can be a synonym of 'order of business')
'time and running' is the wordplay.
'time' becomes 'age' (age is a kind of time).
'running' indicates an anagram.
'and' with letters rearranged gives 'nda'.
'age'+'nda'='AGENDA'
(Other definitions for agenda that I've seen before include "List of items for committee to consider" , "Meeting's topics" , "Menu" , "Meet to discuss this" , "List of items for discussion at a meeting" .)