On the CB650 the slack is 15-25mm (5/8"-1") at mid-run, after checking the chain for tight spots.
Take out the cotter pin holding the axle nut. Loosen the axle nut. Loosen the chain adjuster lock nuts, both sides. If the chain is too loose tighten the chain adjuster bolts by an equal number of 'flats' each side. You will only have to turn a bit to tighten the chain a lot. If the chain is too tight loosen the adjuster bolts by a few flats, equally, both sides and tap the adjuster bolt ends with a hammer to move the axle forward. Spin the wheel to check tension at several points around the chain. When ok tighten the adjuster lock nuts and axle bolt (58-72 pounds feet torque) and replace the cotter pin.
You may want to check the alignment of the front/rear wheels at this point.
Ride the bike a bit to warm up the chain and then lube it with your favourite lube.
If, after adjustment, you can pull the chain off the rear sprocket to show half the depth of a cog the chain and sprockets need to be replaced. Replace as a set, even if the sprockets look in reasonable condition.