This White Paper summarizes the discussions from a five-day workshop, involving 50 people from 18 countries, held in Cape Town, South Africa in February 2020. Convened by the International Astronomical Union's Executive Committee Working Group on Global Coordination of Ground and Space Astrophysics and sponsored by the Kavli Foundation, we discussed existing and potential bottlenecks for transient and multi-messenger astronomy, identifying eight broad areas of concern. Some of these are very similar to the challenges faced by many astronomers engaging in international collaboration, for example, data access policies, funding, theoretical and computational resources and workforce equity. Others, including, alerts, telescope coordination and target-of-opportunity implementation, are strongly linked to the time domain and are particularly challenging as we respond to transients. To address these bottlenecks we offer thirty-five specific recommendations, some of which are simply starting points and require development. These recommendations are not only aimed at collaborative groups and individuals, but also at the various organizations who are essential to making transient collaborations efficient and effective: including the International Astronomical Union, observatories, projects, scientific journals and funding agencies. We hope those involved in transient research will find them constructive and use them to develop collaborations with greater impact and more inclusive teams.