That's enough to make a spark, it will be a weakish one, though. The normal running voltage at that wire is closer to 12.0 volts. Maybe try adding a small battery charger to it while troubleshooting, as these small batteries don't hold much charge.
Make sure the points are opening and closing: you can either kick over the engine or (on the 550 this is OK) turn the engine slowly with the big nut by the points, but take the sparkplugs out of the engine first. Let them hang and lay against the engine to check for spark (don't try this on a 750). The spark happens when the points open. If the voltage is low, it might help to have a semi-darkened garage to see the spark. It is bright at 12.6 volts, but dim and short below 11.0 volts.
Find the main battery ground cable and the Green wire's grounding terminal on the frame. It may be under the seat, or under the gas tank. Disconnect them and clean the wire's connector and the shiny spot on the bike where these bolt down: this is the main grounding system. They get corroded when not used for a long time. Add a drop of oil to each one when putting them back on. The oil will squeeze out of the contact surfaces and then reside as an airtight seal around it for a long time.