A number of problems there:
1. The supply voltage is too low for both ICs to operate properly
2. the resistor values around the NE555 are much lower than the manufacturer recommends
3. You have not told us which output of the 74LS294 you are using, it has four outputs!
If the supply was adequate, the NE555 would oscillate at about 62Hz.
So the outputs from the LS294 would be:
Q = 0.000000461 Hz so it would turn the LED on or off about once every 25 hours.
TP1 = 1.9375Hz, roughly every two seconds
TP2 = 0.0075Hz, roughly every 2 minutes and 10 seconds
TP3 = 0.00006Hz, roughly every 4 hours 35 minutes.
Brian.