If Tandy could do one thing to grow their business, I think they should focus on community development. On the small scale, helping leather workers develop can only increase sales. The more skilled a leather worker becomes the more likely they are to purchase tools that rise in cost as their work increases in complexity. Maybe some community outreach, or partnering with different sites or organizations.
Here in Canada we have a "One of a Kind" show twice a year where artisans can sell their goods. Perhaps the company could rent a booth and promote their local leather artisans, as well as selling kits, doing demo's and getting young people interested in taking up the craft. I think in the modern age of social media a company of this size needs to start connecting more to their customer and fostering growth for the industry as a whole.
I also get the sense that they spend more effort trying to sell people their branded stock, instead of selling the best tools you can buy. I thought they'd have a bit more range. I can understand that offering affordable tools is absolutely necessary (I've easily spent $800 on tools and leather to just get started), but certainly some top quality items might be a good option. I could see them offering more dye brands, more thread choices (more colours than just black, brown and white), and perhaps partnering with an industrial sewing machine company. It seems that most artisans eventually out-grow Tandy and order elsewhere.
Tandy's focus seems narrow, and targeted at one or two specific audiences, with a mostly Western outlook on leather goods. I personally am really interested in the work of men like Peter Nitz, who do "European" (not sure if that's the right name for it) leather goods. There's lots of talk on these forums from people who want to create this style of work and end up spending a lot money ordering tools from Europe, the money that Tandy could be making if they offered it up.
All that said, i'm glad Tandy is around. Without it, I wouldn't be on here writing this.