This expression is to be used when you have no chance to survive. It originated in AD 2101, when war was beginning. To successfully "Make your time", you must take off every 'Zig'. You know what you doing.
Time to go to work. Applies generally, to any task/activity. Or, to leave home for one's place of employment. Usually expressed in a dreary, I'd-really-rather-stay-home-and-masturbate kinda way.
Man kisses wife as he grabs his keys. "Time to make the donuts."