You may delay, but time will not.
Franklin contrasts a person’s ability to postpone action with the continuous passage of time. A task, decision or responsibility can be delayed, but the hours and days available to deal with it continue to pass. Postponement therefore does not preserve time; it simply leaves less of it available later.
The saying does not mean that every decision should be made immediately, since deliberate delay can sometimes allow for better judgement or preparation. Its broader warning is directed at unnecessary procrastination. Opportunities, deadlines and circumstances may change while a person waits, and lost time cannot be recovered. Franklin therefore presents timely action as a practical response to the fact that time moves independently of personal intentions.