Combine. Use immediately or store in an airtight container until ready to use.
To make Ranch Dressing:
Combine the ranch seasoning mix with ¼ cup mayonnaise, ¼ cup sour cream, and ¼ cup milk. Whisk until smooth.
To Make Chip Dip:
Combine the ranch seasoning mix with 1 cup sour cream and stir until smooth. Let the dip sit for about 10 minutes to allow the flavors to blend.