I am going to detail mine here, in order to be more efficient at it, and to make corrections to it, which I did while writing this.
Part I – 45 seconds
Does my opponent’s last move threaten anything?
What was the purpose of his/her move?
Where is their attack?
Part II – 30 seconds
Initial scan – are their any soft targets or immediate tactics (such as employing a pin)? For/against both players.
Part III – Bulk of time, depends if you are simply carrying out a previous plan or devising another/additional plan.
Enumerate my positional plans.
How would the first plan generally develop?
How would the second plan generally develop?
Determine the optimal move order to prevent counter-threats, if necessary. Blunder-check happens here.
Choose a plan.
Part IV – 30 seconds
Did I overlook any immediate forcing moves, could they be part of a plan? If yes, go back to part III, abbreviated (last 2 steps).
Part V – 15 seconds
Visualize the move, look for any sacrifices or trades that pull pieces out of place/defense.
Make the move on the board and punch clock.
Part III is the only place that I can save time because, otherwise, 2 minutes surprisingly seems like a hard number except in time-trouble (which is mostly a crap-shoot). In time-trouble most thinking is done on opponents time, and is concrete, mostly aimed at counter-strategy.
The best way to get around this 2 minute minimum is to do a lot of the tactical scans on the opponents time, and to enumerate plans during opponents move already. Anticipate opponents move and work out own plans then; this is really the only way around this 2-minute rule.