That is the way to do it.Plug looks a little clean to me, but it is hard to tell from a picture. It should have a "fluffy" tan look. How you did the chop will impact what it looks like though.
1. Get the bike warmed up
2. Put in a brand new plug
3. Get it going wide open in top gear for 5-10 seconds(limit this time if you think you might be to lean)
4. All about the same time, clutch it, kill it, turn off the fuel(not an issue on the 700xx)
5. Coast to a stop, pull the plug and check it out.